Grindrod Ltd. on Monday announced the acquisition of the remaining 50 percent of Cockett Marine Oil that it did not yet own. Terms of the transaction were not disclosed.
The trading division of Durban, South Africa-based Grindrod has traded in marine fuel and lubricants through Cockett Marine Oil since it first acquired a 50 percent share in the Kent, U.K.-based business in July 2005. This further acquisition supports our overall strategy, said Brendan McIlmurray, chief executive officer of Grindrods trading division.
Cockett Marine Oil also has offices in Singapore, South Korea, South Africa, United States, Monaco, Russia, Brazil and Panama. Cockett Marine Oils activities include identification, investigation and development of new bunker services and areas on behalf of physical suppliers. The investigations cover all technical and physical aspects of bunker and lubricant supply services. Customers include ship owners, operators, managers, charterers and private owners.
According to Grindrod, Cockett Marine supplies about five million tons of marine lubricants per year, and has annual sales of about $1 billion.
Following the transaction, Karl Beeson has been appointed as the new managing director with both Kevin Bresnahan and Bob Russell, former directors and shareholders of Cockett Marine Oil, serving as advisors to the company.