Speedway to acquire 78 Express Mart locations in New York
ENON, Ohio, April 16, 2018 /PRNewswire/ — Speedway LLC (Speedway), a wholly owned subsidiary of Marathon Petroleum Corp. (NYSE: MPC), announced today the signing of an agreement for the purchase of 78 store locations held by Petr-All Petroleum Consulting Corporation. These stores are located primarily in the Syracuse, Rochester and Buffalo markets in New York and operate under the Express Mart brand.
“This acquisition is a great strategic fit for Speedway, and consistent with our growth plan,” said Speedway President Tony Kenney. “These stores will enhance our existing network and expand our brand presence in a key growth market for Speedway.”
Following the acquisition, stores will be rebranded to Speedway. The transaction is anticipated to close by the end of the third quarter of 2018, and is subject to standard regulatory approvals, customary due diligence, and other closing considerations.
About Speedway LLC
Speedway LLC (Speedway), headquartered in Enon, Ohio, is the nation’s second largest company-owned and -operated convenience store chain with approximately 2,740 stores located in 21 states. Speedway is a wholly owned subsidiary of Marathon Petroleum Corporation (NYSE: MPC). For further information about Speedway, visit the company’s web site at http://www.speedway.com.
This press release includes forward-looking statements regarding Marathon Petroleum Corporation (MPC). You can identify forward-looking statements by words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “objective,” “opportunity,” “plan,” “position,” “potential,” “predict,” “project,” “seek,” “target,” “could,” “may,” “should,” “would,” “will” or other similar expressions that convey the uncertainty of future events or outcomes. We have based our forward-looking statements on our current expectations, estimates and projections about our industry and our company. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties and assumptions that we cannot predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. Factors that could cause actual results to differ materially from those implied in the forward-looking statements include: the time, costs and ability to obtain regulatory and other approvals and otherwise consummate the proposed transactions described herein; the satisfaction or waiver of conditions in the agreements governing the proposed transactions described herein; and our ability to achieve the strategic and other objectives related to the proposed transactions described herein. In accordance with “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we have included in MPC’s Form 10-K for the year ended Dec. 31, 2017, cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. Copies of MPC’s Form 10-K are available on the SEC website, MPC’s website at http://ir.marathonpetroleum.com or by contacting MPC’s Investor Relations office.
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SOURCE Speedway LLC