The company expects to use proceeds from the sale, net of income taxes, to redeem its 5% dividend notes due 26 December 2022. Robert H. Eder, Chairman of the Company, said, "We are pleased to announce the agreement today to sell our petroleum storage assets. The changing nature of the distillate market in southeastern New England requires the conversion of a significant portion of the terminal's capacity to gasoline products, which would involve significant capital investment and substantial additional risk. The company's board of directors determined that it was in the company's and its shareholders' best interest to divest these assets rather than undertake the conversion."