GROWMARK will be purchasing Suncor’s assets in Ontario, Canada-based UPI, which provides energy products, including propane, throughout Ontario. As part of the agreement, GROWMARK will purchase Suncor’s 50 percent interest in UPI. Once complete, UPI will be 100 percent owned by GROWMARK. The transaction is subject to conditions including regulatory approvals and terms were not disclosed.
“The agreement aligns with GROWMARK’s focus on growing our petroleum business in Ontario,” said Kevin Carroll, vice president, energy and logistics. “We have had an outstanding partnership with Suncor for the past 20 years, and we are confident this will facilitate the continued success of our energy business in Ontario well into the future.”
Suncor and GROWMARK have also entered into long-term supply agreements for GROWMARK’s petroleum needs in Ontario.