logo
  Join        Login             Stock Quote

Ferrellgas Partners (FGP) Buys IGS Propane From Connecticut's Industrial Gas & Supply

 December 18, 2012 03:23 PM
 


(By Balaseshan) Ferrellgas Partners L.P. (NYSE: FGP), a distributor of propane and related equipment and supplies, said it has purchased IGS Propane, the propane division of Industrial Gas & Supply of Naugatuck, Connecticut.

The landmark purchase is Ferrellgas' first in The Constitution State. Specific terms of the transaction were not disclosed. The transaction will be immediately accretive.

"Ferrellgas has serviced customers in Connecticut from neighboring states for a number of years, but our purchase of IGS Propane gives us an even stronger presence in the state and in the region," said Steve Wambold, President and Chief Executive Officer of Ferrellgas.

[Related -Ferrellgas (FGP) 1Q Loss Narrows, Revenue Lags Estimates]

IGS Propane is Ferrellgas' third acquisition in its fiscal year that began August 1, 2012. The company previously announced the purchase of Flores Gas of El Paso, Texas, on October 31 and Capitol City Propane of Sacramento, California, on September 4.

Ferrellgas has completed about 240 acquisitions during its 73-year history, a strategy that has enabled the company to grow from a single-location, independently owned propane retailer to a publicly traded company that is now one of the largest propane companies in the country.

"We have long targeted New England for growth, and the addition of this quality business will enable us to more efficiently serve existing customers in Connecticut and south central Massachusetts and introduce our industry-leading propane service to new customers," said Wambold.

[Related -Ferrellgas Partners (FGP) Downgraded To 'Sell' By UBS Securities On Valuation]

Ferrellgas Partners' activities are primarily conducted through its operating partnership, Ferrellgas, L.P. The company serves about one million residential, industrial/commercial, portable tank exchange, agricultural, wholesale and other customers in all 50 states, the District of Columbia and Puerto Rico.

FGP is trading down 0.84% at $17.64 on Tuesday. The stock has been trading between $13.35 and $21.85 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article imageUnited States Steel Corporation (NYSE:X): Turning $50 Says Credit Suisse

United States Steel Corporation (NYSE:X) is rolling today; up nearly 2.5% thanks mostly to an upgrade from read on...

article imageDSW Inc. (DSW) Q2 Earnings Preview: Walking Past the Consensus

DSW Inc. (NYSE:DSW) will conduct a conference call to discuss its Second Quarter 2014 results on Tuesday, read on...

article imageBest Buy Co Inc. (BBY) Q2 Earnings Preview: Bulls Ignoring Warning Signs

Best Buy Co Inc. (NYSE:BBY) will announce its second quarter, fiscal-year 2015 before the market open on read on...

article imageXerox Corp. (XRX): An Insider’s $500,000 Insider Buy

Last week was a healthy week of insider buying as 194 companies reported purchase records. The number read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.