WATKINS GLEN, NY (WENY) -- A local manufacturer that employs over 150 people in Schuyler County has a new owner.
Crestwood Equity Partners announced it has sold its US Salt facility in Watkins Glen to Kansas-based Kissner Group for $225 million. The sale is expected to be finalized in the fourth quarter of 2017. Crestwood has owned the US Salt property since 2008. US Salt is a salt mining and production facility that refines salt mined from underground near Seneca Lake for use as road salt, as well as salt used in industrial, textile, water softening, pharmaceutical and food industries.
Kissner Group Holdings, LP is a parent company of a leading, bulk salt and specialty salt producer, according to its company website. The company says US Salt will continue to operate under the same name, as a subsidiary of Kissner, and will remain fully operational.
Crestwood, meanwhile, continues to own and operate a nearby property that houses a natural gas compressor station, along with former salt wells that have been converted to underground gas storage wells. The company will also continue its efforts for approval to store liquified petroleum gas at the site, which is located adjacent to an existing LPG pipeline.
Crestwood issued a statement to WENY, saying in part, "The divestiture of US Salt is part of Crestwood’s ongoing strategy to optimize its diverse portfolio of traditional midstream assets, identify non-core assets, and redeploy sales proceeds to high growth capital investments in the Bakken and Delaware Basin. Crestwood has preserved its rights to store natural gas and natural gas liquids through its ownership of Arlington Storage Company LLC and Finger Lakes LPG Storage, LLC which were not included in the sale. This will allow Crestwood the ability to provide low-cost storage services benefiting the New York market.”