Lisle, Illinois-based SunCoke Energy Partners, L.P. announced Wednesday that it has reached an agreement in principle to acquire the assets, specified liabilities and business operations of East Chicago, Indiana-based Lakeshore Coal Handling Corporation for a proposed purchase price of $29.6 million. This is expected to be an all cash transaction and is anticipated to close on July 31, 2013, subject to execution of a definitive agreement and customary closing conditions.
Lakeshore is a unit of privately held Beemsterboer Corporation and provides coal handling and blending services to SunCoke Energy, Inc.'s Indiana Harbor cokemaking operations. SXCP intends to maintain Lakeshore's current operations and anticipates retaining its current staff.
Fritz Henderson, Chairman and Chief Executive Officer of SXCP, said: "The acquisition of Lakeshore is consistent with our overall vision to grow SXCP by increasing our presence across the steel value chain. We expect this acquisition will be immediately accretive to SXCP's cash flows and earnings, supporting future increases in distributable cash flow per unit."