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ACL Buys ConAgra Barge Fleet

ConAgra Inc., the second largest U.S. food manufacturer, said last week it agreed to sell American Commercial Lines LLC (ACL) its large U.S. inland barge fleet and operations. Financial terms of the deal, which ConAgra said was part of ongoing series of strategic divestments, were not announced. But ACL will acquire 930 owned and chartered barges, nine chartered towboats and one dry dock, the companies said in a joint statement. The deal includes Peavey Barge Lines, Brown Water Towing Inc. and Superior Barge Lines, Inc. The transaction is subject to regulatory approval but is expected to be completed in the next 30 days, they said. Greg Heckman, president and CEO, ConAgra Trade Group, said, "Our decision to sell the barge company is a strategic one. This will allow us to focus our efforts on supporting ConAgra and our customers in the areas of commodity origination, marketing, merchandising, trading and risk management services." Omaha, Neb.-based ConAgra generates 20 percent of its $25 billion in annual sales from agricultural products. The remaining 80 percent derives from sales to food retail and foodservice customers. ConAgra has divested 16 businesses across the organization since mid-1999. Jeffersonville, Ind.-based ACL operates more than 4,300 barges and 200 towboats on the inland waterways of North and South America.


PPG Appoints Sklarsky

PPG Industries  said Frank S. Sklarsky will join the company as executive vice president for  finance, effective April 15, reporting to Chairman and CEO Charles E. Bunch. Also, effective August 1, Sklarsky will be named PPG executive vice president and chief financial officer. David B. Navikas, currently PPG senior vice president, finance and chief financial officer, will continue in his current role until August 1


West Asia Maritime Signs $33.5M Deal with Mitsui

West Asia Maritime Limited (WAM) has signed an MoU of $33.52M deal with Mitsui & Co, Japan for taking a IHIMU, Japan built geared 56,120 DWT Bulk Carrier under Bareboat Charter with purchase option. The new vessel, which is to be delivered in 1st Quarter 2008, is chartered for 12.5 years and will be trading worldwide for the movement of dry bulk cargoes. This is the first time that an Indian shipping company has taken this route to control with an option to acquire ships


News

ACL Buys ConAgra Barge Fleet ConAgra Inc., the second largest U.S. food manufacturer, has agreed to sell American Commercial Lines LLC (ACL) its large U.S. inland barge fleet and operations. Financial terms of the deal, which ConAgra said was part of ongoing series of strategic divestments, were not announced. ACL will acquire 930 owned and chartered barges, nine chartered towboats and one dry dock, the companies said in a joint statement


 
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