July 2021, Vol. 248, No. 7
Business
Companies in the News July 2021
McElroy announced the addition of F.W. Webb Company as its newest distributor to serve pipe fusion machine customers along the East Coast. The company has several locations. and its Springfield, Mass., location will serve as the main hub for McElroy machine sales.
“This is a very exciting time for McElroy. Not only are we expanding our footprint in the Northeast with F.W. Webb Company; we are working with a team that shares our passion about the pipe fusion industry,” said Chip McElroy, president, McElroy. “We look forward to working closely with them to grow the fusible thermoplastic market.”
F.W. Webb offers the largest selection of Thermoplastic piping in the Northeast. It is the exclusive distributor of NIRON PP-RCT pipe, fittings and supplies in their area, an innovative polypropylene, pressure piping system that can be installed in place of copper and steel.
Magellan Midstream Partners said it sold almost half of its interest in its Pasadena, Texas, marine terminal joint venture, MVP Terminalling, LLC, to an undisclosed buyer for $270 million.
Magellan now owns about 25% of the joint venture and remains the operator of the facility.
MVP Terminalling owns a refined petroleum products marine storage terminal along the Houston Ship Channel in Pasadena, which y includes over 5 million barrels of storage, two ship docks and truck loading facilities, with space to nearly double its current capacity.
“As Magellan has demonstrated in the past, we regularly review both potential investments and our own asset portfolio for opportunities to unlock incremental value for our investors,” said Michael Mears, chief executive officer. “With this transaction, we are optimizing our portfolio.”
Magellan said it will use the proceeds from this transaction consistent with its stated capital allocation priorities, including potential unit repurchases.
ICR Integrity, a global provider of integrated maintenance and integrity solutions, has signed a renewal agreement with Apache Corporation’s North Sea subsidiaries for its Quickflange solution, ICR’s patented technology for permanent weldless flange to pipe connections.
The solution combines a modified standard ASME B16.5 weld neck flange with a hydraulic tool, which is quick to mount and requires no hot work or welding.
Joule Processing announced that it has signed an exclusive partnership agreement with JTurbo Engineering and Technology to provide their twin-expander refrigeration technology for hydrogen liquefaction.
Joule said it will utilize this technology to bring an “ultra-energy efficient” hydrogen liquefaction plant to market. This plant, which is the newest addition to Joule’s suite of modular process systems, will liquify hydrogen for transportation at near atmospheric pressure and temperatures below -400° F, with a minimum specific energy consumption.
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