New Boston, Tex.-based TexAmericas Center (TAC) has acquired Lone Star Railcar Storage Company’s contracts and assets. In addition, Fortress Transportation and Infrastructure Investors (FTAI) has partnered with Clean Planet Energy to develop waste plastic recycling and “circular-fuel production” facilities across North America.
The purchase of Lone Stars’ contracts and assets will help set TAC apart, said the mixed-use industrial park owner and operator with 12,000 acres and 3.5 million square feet of commercial and industrial property. TAC will now manage rail operations, allowing it “to make improvements to the rail and classification yard while having greater control of moving products for current and future tenants.” TAC said it has owned the tracks since 2010, but leased them to Lone Star.
With the acquisition, TAC said it plans to align its rail services and third-party logistics to “attract businesses and meet a need in the Texarkana region not only for current tenants, but also future ones.”
Three Lone Star employees will join TAC. Jeff Lindsey, Lone Star President, will also work with TAC as a consultant for the next three to six months to ensure a smooth transition.
“TexAmericas Center is putting itself in a strategic advantage by becoming the point of contact for transportation and moving product,” said Eric Voyles, Executive Vice President and Chief Economic Development Officer. “The services and efficiency the company can now provide takes one more thing off the shoulders of hard-working people so they can focus solely on the success of their companies. The move isn’t just good for TexAmericas Center, it’s good for the companies—and the people—who choose to work in the Texarkana region.”
The acquisition was finalized at the end of October and TAC started operations on Nov. 1.
In a joint venture, FTAI and U.K.-based Clean Planet Energy will develop Clean Planet Energy USA ecoPlants—“green recycling facilities that can process waste plastics that traditionally cannot be recycled”—in North America. The first is under development at FTAI’s Repauno Port & Rail Terminal in Gibbstown, N.J. The ecoPlant “will convert non-recyclable waste plastics into ultra-clean fuels and oils, and circular-naphtha to support the manufacture of new plastics,” the companies reported. The plant is expected to initially process 20,000 tons of waste plastics per year.
The newly formed Clean Planet USA business development team is “advancing multiple additional projects with agreements in place for plastic-waste supply in Alabama, Texas, Florida, the Dominican Republic, and other North American markets,” according to the companies.
“We are pleased to partner with Clean Planet Energy on this exciting opportunity,” FTAI CEO Joe Adams said. “The development of the ecoPlants represents an attractive economic return on a stand-alone basis, while also enhancing the value of our existing terminal assets and accelerating the transition to clean energy.”
“Our company mission is to process and repurpose over one million tons of non-recyclable waste plastics a year,” said Bertie Stephens, CEO of Clean Planet Energy. “This exciting new joint venture with FTAI accelerates us meeting these environmental goals. The FTAI team not only understand the need for immediate action in tackling the plastic and the carbon crises, but the network available through their current businesses provides the perfect platform and partner to scale ecoPlant construction.”