HOUSTON -- Shell Oil Products US said that its affiliate, True North Energy LLC, Toledo, Ohio, was the successful bidder for 29 Shell-branded locations and three supply contracts in the Columbus, Ohio, area. Last fall, Shell had publicly stated its intent to sell retail assets in 16 regions to better support its wholesale business.
This transaction means that Truenorth, Shell's largest fuel wholesaler, will now supply 335 million gallons annually to 230 Shell locations in Ohio and Michigan. Truenorth will continue to use the Shell brand at the 29 locations [image-nocss] purchased, thereby maintaining awareness of the brand in the region.
According to a confidentiality agreement between the parties, the purchase price cannot be disclosed at this time.
Geoff Lyden, CEO of Truenorth, said, The purchase of the Columbus assets complements our network and affords us a great opportunity to market Shell products in a growing metropolitan area.
The divestment is consistent with Shell's strategy of managing its portfolio to deliver maximum value to customers and shareholders. Stu Crum, Shell's general manager retail strategy and portfolio U.S., said, "This transaction allows us to have a premiere Shell wholesaler located in central Ohio to serve customers in the state. Truenorth has always represented the Shell brand well, and their outstanding service delivery of our customer value proposition is reflective of the Shell brand.
Houston-based Shell Oil Products US, a subsidiary of Shell Oil Co., has a network of approximately 6,500 branded gasoline stations in the western United States.
True North has operated and supplied Shell-branded gasoline stations throughout Ohio and Michigan since 1999. Along with Shell Oil Products US, The Lyden Co. is a 50% owner of True North Energy.
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