BP Plc (BP: Quote,BP_UN.TO: Quote,BP.L) said that DCC plc (DCC.L) has agreed to buy its liquefied petroleum gas or LPG distribution business in the UK. BP would retain its automotive LPG business, which would move into BP's UK Fuels Value Chain, that runs the company's fuels business including service stations. DCC would pay $63 million or 40.5 million pounds on a cash free/debt free basis, to be satisfied in cash at completion.
BP's UK LPG business supplies a wide range of industrial, commercial and domestic customers with annual sales of about 87,000 tonnes of bulk and cylinder LPG. It has 116 employees and operates from 13 locations throughout the UK with a fleet of 62 delivery vehicles.
The sale of the UK business to DCC follows BP's announcement in February that it planned to sell its LPG bottles and tank-filling business, as well as some of its wholesale LPG activities, in the UK, Portugal, Austria, Poland, Netherlands, Belgium, Turkey, China, and South Africa.
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by RTT Staff Writer
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