GROWMARK and Suncor have reached an agreement in which GROWMARK will purchase Suncor’s 50 percent interest in UPI, Inc. in Ontario, Canada. UPI, Inc. provides energy products including refined fuels, propane and lubricants throughout Ontario. The transaction, subject to conditions including regulatory approvals, brings GROWMARK’s ownership of UPI to 100 percent. Terms of the transaction 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,” he added.
Suncor and GROWMARK have also entered into long-term supply agreements for GROWMARK’s petroleum needs in Ontario.