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Thread: Speedway Buys Gas America

  1. #1

    Join Date
    Jun 2008
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    Default Speedway Buys Gas America

    The Speedway chain of gas stations will buy Indiana-based GasAmerica Services, a move that analysts said likely will mean higher prices at the pump for Hoosier motorists.

    Ohio-based Speedway, which is owned by Marathon Oil, announced the deal to acquire the 74 GasAmerica locations in Indiana and 14 in Ohio. Terms were not disclosed, but the deal is expected to be completed in May.

    Speedway spokesman Shane Pochard declined to say whether all of the GasAmerica stations will remain open or some might close because they are near existing Speedway sites.

    He also declined to say how many of the 1,000 GasAmerica employees will be retained or how many stations and convenience stores might be remodeled with the Speedway brand.

    Oil industry analysts said Speedway has acquired other smaller, regional chains, such as Gas City last year. It is being converted to Speedway's style.

    "Speedway is looking to acquire other chains, and they have a lot of cash to do it, so it will mean a boost to their bottom line and better earnings," said GasBuddy.com senior analyst Patrick DeHaan.

    The deal likely will mean higher prices. "Less competition is always bad" for the consumer, DeHaan said.

    Prior to its GasAmerica purchase, the Speedway chain owned and operated about 1,375 locations in seven Midwestern states, including 240 in Indiana.

    Speedway, headquartered in the Dayton suburb of Enon, Ohio, is the price-setting leader in many areas of Indiana.

    GasAmerica, headquartered on Main Street in Greenfield, traces its Indiana roots back nearly a century under ownership of the White family. It is not clear what will happen to that Hancock County office and its 50 employees.

    Stephanie White, GasAmerica's president and chief executive and the fourth generation in her family to run the company, said, "We are pleased that our fleet of convenience store locations and employees will be under the guidance of a leader within our industry."

  2. #2

    Join Date
    May 2008
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    Default Re: Speedway Buys Gas America

    (In Arabic accent)......
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