Product: Deck Machinery & Cargo Handling Equipment
Techcrane Global Corporation is a Covington, La.-based marine crane manufacturer/distributor who recently installed Techcrane Model F250-100 onboard Torch Offshore L.L.C.'s Midnight Wrangler. This was a crane custom-designed for Torch with a maximum capacity of 125 tons at 30-ft. reach. Time lapse between design conceptions to fabrication in Covington, La., was less than six months. The bid was awarded to Techcrane in December of 2002 for delivery in mid 2003 and is a part of the project to convert the Midnight Wrangler into a deepwater pipelaying vessel. In order to accommodate these deepwater arenas, a winch was specially designed by Lantec on behalf of Techcrane for the F250 to handle 8,000 ft. of two-in. wire rope.
ACL Sells Global Materials Services
American Commercial Lines LLC sold its ownership interest in Global Materials Services LLC to Mid-South Terminal Company, L.P. for $14 million cash. This transaction gives Mid-South Terminal Company, L.P., headquartered in Memphis, Tennessee, 100% control of Global Materials Services' network of 24 river-served terminals in the United States and 1 in Europe. Richard L. Huber, Chairman of ACL, said “We are pleased that we were able to transfer our interest in this operation to our partner. This transaction allows us to continue our progress toward emerging from Chapter 11 with a focus on our core business. The proceeds from this transaction will be used to pay off the remaining balance of our DIP term loan financing.”
Global Materials Services Acquires Arrow Terminals
Global Materials Services LLC (GMS) has acquired Arrow Terminals, Inc. of Sewickley, Pa., an operator of marine terminals. Arrow operates seven domestic river terminals in Industry, Pa.; Chicago, Ill.; Houston; Decatur, Ala.; Mingo Junction, Ohio; and Follansbee and Brooklyn Junction, W.V., which are engaged in material handling and processing operations for ferroalloy and other bulk products. Arrow also provides on-premise logistics services at steel mills and other plant sites. GMS operates seven other river terminals, five on the Mississippi River and two on the Arkansas River. These terminals provide warehouse and distribution services for steel and bulk shippers, including trucking to customer plant sites.
