Tenneco Gas Agrees To Buy EnTrade Corp.
HOUSTON (AP) _ The natural gas division of Tenneco Inc. agreed Monday to buy natural gas marketing company Entrade Corp. in a stock transaction. Terms were not disclosed.
Dave Doctor, EnTrade’s chairman and chief executive officer, will remain active in the new organization, the companies said in a news release.
″EnTrade expects key strategic advantages from joining forces with Tenneco Gas,″ Doctor said.
Louisville, Ky.-based EnTrade has annual sales of more than 230 billion cubic feet and was founded in 1984. The company’s related business interests include marketing alliances; gas gathering company EnTrade Pipeline; and a partnership in Sierra Engines, a natural gas engine marketing venture.
Tenneco Gas, the natural gas unit of diversified industrial company Tenneco Inc., based in Houston, has 20,000 miles of pipeline serving 31 states.
″This acquisition will enhance our leadership position in the natural gas industry,″ Tenneco Gas president Steve Chesebro’ said.
The acquisition is expected to be completed by Dec. 31.