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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MNZ Inspectors Board Fishing Vessels Off South Island

A joint operation by Maritime New Zealand (MNZ) and the New Zealand Defence Force – Operation Moana – has seen 16 fishing vessels operating off the west coast of

Australian Navy Delivers Solomon Island Supplies

Two Royal Australian Navy landing craft have delivered vital supplies to remote communities in Solomon Islands as part of Australia’s commitment to provide support to the region.

Seacure Higher Flow-Rate BWTS Certified by BSH

Evoqua inform that the Federal Maritime and Hydrographic Agency of Germany (Bundesamt für Seeschifffahrt und Hydrographie- BSH), which previously granted the Evoqua

Energy

Continental Resources Names New President after Bott's Quick Exit

Continental Resources Inc, the largest oil producer in North Dakota's Bakken shale formation, promoted Jack Stark to president on Wednesday, less than a week after Rick Bott quit the position.

Aiming to Make Less Fuel Go Further: Maersk Drilling

Maersk Drilling says it is engaged in an energy efficiency project for its newbuilds together with Maersk Maritime Technology. The project involves an Energy Management System (MSPS),

Two Prestigious Awards for Fincantieri

In the presence of the Minister for Education, University, and Research Stefania Giannini, at the Auditorium at Villa Farnesina in Rome, Fincantieri, represented by its Chairman Vincenzo Petrone,

News

Continental Resources Names New President after Bott's Quick Exit

Continental Resources Inc, the largest oil producer in North Dakota's Bakken shale formation, promoted Jack Stark to president on Wednesday, less than a week after Rick Bott quit the position.

USCG in Search of Missing Man in Lake Michigan

The Coast Guard is searching for a man who went missing on Lake Michigan, Tuesday. Missing is 48-year-old Joseph Kiehm from Milwaukee. Kiehm was last seen aboard his 26-foot white sailboat,

Environmental Attorney Joins Long Beach Harbor Commission

Environmental attorney and Long Beach resident Tracy Egoscue joined the Long Beach Board of Harbor Commissioners on Tuesday as the first Commissioner appointed by newly elected Mayor Robert Garcia.

Mergers & Acquisitions

EMS Seven Seas Announces New CEO

EMS Seven Seas announces new CEO; enters into agreement to acquire Wave Shipping, a Singapore-based maritime and port agency services company. EMS Seven Seas,

Fugro Takes Delivery of 2nd Coastal Survey Vessel from Damen

Fugro yesterday took delivery of its second of the three Fugro Offshore Coastal Survey Vessels (FOCSV) being built by Damen. The Fugro Pioneer is a compact,

Maersk Sells Ven Drilling Barges

Danish shipping conglomerate A.P. Moller-Maersk said on Tuesday its offshore oil and gas drilling unit has sold its Venezuelan barge activities. Maersk Drilling

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.4606 sec (2 req/sec)