Coeclerici Coal Acquires Alley-Cassetty Coal Trading Division

MarineLink.com
Monday, September 09, 2013

Coeclerici Coal Network LLC, an American company in which Coeclerici holds a 51% stake, has acquired full ownership of the coal trading division of Alley-Cassetty Companies, Inc., a coal trading and brokerage company that is among the oldest in the United States, with headquarters in Nashville, Tennessee.

This acquisition will allow Coeclerici Coal Network to increase its business, currently concentrated in the Ohio and Mississippi river basins, as well as reinforce the company’s position in markets in the southern and western US, guaranteeing the entire Coeclerici Group direct access to the most important coal reserves in the U.S., one of the most dependable and reliable sources of coal in the world.

Founded in 1879, Alley-Cassetty Coal operates in the coal trading sector in Tennessee and surrounding states. Over the course of 2012, the company generated sales for more than $30 million.

“I’m particularly proud of this result,” said Paolo Clerici, President and CEO of Coeclerici S.p.A., “because it confirms the long-term relationship we’ve established in the U.S. market, one we’ve consolidated over a century of importing coal from America into Italy, acting as exclusive agents for Consol Energy since 1912. This most recent U.S. acquisition reinforces our position in one of the world’s most important markets.”

The Coeclerici Group’s acquisition of Coal Network, completed in January 2013, also includes the possibility for Coeclerici to acquire an additional 35% stake within five years. This would increase Coeclerici’s participation from the current 51% to a total 86% stake in the company.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Maritime Needs More Women Power

United Nations  International Maritime Organization (IMO) Secretary- General Ki Tack Lim pushed for the increased involvement of women in the seafaring industry

Bulk Carrier Trends

Berthing Policy for Dry Bulk Cargo for Indian Ports Unveiled

Ministry of Shipping has formulated a new Berthing Policy for Dry Bulk Cargo for all Major Ports which will come into effect from 20th August, 2016. The objective

RS Rules Conform to the IMO Goal-based Standards

The rules of the Russian Maritime Register of Shipping are in conformity to the International Maritime Organization (IMO)goal-based standards (GBS), the IMO’s Maritime

Baltic Index up for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday, for a third straight session, on rising demand across all vessel segments.

News

“Twiggy” Baker Wins BWT Puerto Escondido Challenge

Grant “Twiggy” Baker (ZAF) claimed victory today at the Puerto Escondido Challenge, besting a field of 24 of the world’s best big wave surfers in towering 20-to-35

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Blue Angels Resume Schedule

The U.S. Navy Blue Angels will return to its 2016 demonstration schedule July 2-4 in Traverse City, Mich., Commander, Naval Air Forces announced. The Blue Angels temporarily stood down,

Mergers & Acquisitions

HCI Capital Renamed Ernst Russ AG

A vote was passed at the ordinary shareholders’ meeting of HCI Capital AG yesterday to change the company’s name to Ernst Russ AG. The Executive Board and Supervisory

OSG Joins NYSE "Big Board"

Overseas Shipholding Group, Inc. (NYSE:OSG) (the “Company” or “OSG”) announced today that it has been approved by the New York Stock Exchange (“NYSE”) to transfer

Merger: Survitec Joins Forces with WMS

Survitec Group announced a transformational deal with the Marine Safety business of Wilhelmsen Maritime Services AS (WMS), in which WMS will transfer into Survitec

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1083 sec (9 req/sec)