NEW ORLEANS--(Business Wire)--
Shermen WSC Acquisition Corp. (OTCBB: SACQ) ("Shermen"), a special-purpose
acquisition company, today announced the completion of its acquisition of the
Westway bulk liquid storage and liquid animal supplement businesses of ED&F Man
Holdings Limited ("ED&F Man"). In connection with the acquisition, Shermen
changed its name to Westway Group, Inc.
Shermen (now known as Westway Group, Inc.) expects to set a record date in the
next several days with respect to the previously announced $1.00 per share
special dividend payable to each holder of its common stock as of the record
date.
Peter Harding, the new Chief Executive Officer, stated, "The management of
Westway are very excited about the merger with Shermen. It gives Westway an
excellent platform to materially grow its bulk liquid storage and liquid
supplement businesses."
Francis P. Jenkins, Jr., founder and Chairman, noted, "Westway is an excellent
company that will reap strong benefits from its new status as a public company."
Dechert LLP acted as legal advisor and Oppenheimer & Co. Inc. acted as financial
advisor to Shermen in connection with the acquisition. Dewey & LeBoeuf LLP acted
as legal advisor and Lazard Frères & Co. LLC acted as financial advisor to ED&F
Man in connection with the acquisition. Lazard Capital Markets LLC acted as
capital markets advisor to the Westway businesses in connection with the
acquisition.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We have based these forward-looking
statements on our current expectations and projections about future events.
These forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions about us that may cause our actual results, levels
of activity, performance or achievements to be materially different from any
future results, levels of activity, performance or achievements expressed or
implied by such forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as "may," "should," "could,"
"would," "expect," "plan," "anticipate," "believe," "estimate," "continue," or
the negative of such terms or other similar expressions. Factors that might
cause or contribute to such a discrepancy include, but are not limited to, those
described in our other SEC filings.
About Westway Group, Inc.
Westway Group, Inc. ("Westway") is a leading provider of bulk liquid storage and
related value-added services and a leading manufacturer and distributor of
liquid animal feed supplements. Westway operates an extensive global network of
54 operating facilities providing 284 million gallons of total bulk liquid
storage capacity and producing 1.7 million tons of liquid feed supplements
annually. The bulk liquid storage business is a global business with
infrastructure that includes a network of 24 terminals offering storage to
manufacturers and consumers of agricultural and industrial liquids, located at
key port and terminal locations throughout North America, Western Europe and
Asia. The liquid feed supplements business produces liquid animal feed
supplements that are sold directly to end users and feed manufacturers,
primarily supplying the beef and dairy livestock industries. By using
formulation processes tailored specifically to the needs of its customers,
Westway blends molasses and essential nutrients to form feed rations that help
to maximize the genetic potential of livestock. As a result of the relationship
between them, the bulk liquid storage and liquid feed supplements businesses
benefit from synergies including co-location of facilities, enhanced raw
material supply logistics for liquid feed supplements and increased operational
efficiency resulting from cross-business knowledge exchange.
Westway Group, Inc.
Thomas Masilla, 504-636-4245
Copyright Business Wire 2009
