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.


People & Company News

MN100: MarineCFO

The Company: Founded in 1992, UA Business Solutions was a pioneer in the field of Enterprise Resource Planning (ERP) and an early Microsoft Partner. The ERP evolution

MN100: All American Marine, Inc.

The Company: All American Marine Inc. was founded in 1987 and specializes in the construction of custom tailored aluminum boats from 30 to 150 feet LOA. Today,

Five Minutes with Paul Switzer

Five minutes with Paul Switzer - Manager, Shipbuilding & Offshore, Viega   For readers not familiar with Viega, please give a ‘birds eye’ view, putting the company

Energy

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Canada May Ask Far-offshore Drillers to Pay Extra

Canada may ask oil companies to contribute to the hundreds of millions of dollars or more the country has to pay to an international body if they drill far offshore,

Höegh LNG Speeds up FSRU Conversion

Höegh LNG Holdings Ltd. today announced that it has signed agreements with Wärtsila Oil and Gas (EPCIC regas) and Moss Maritime (engineering) for its first FSRU conversion project,

News

US Navy Ships Conduct Astern Replenishment-at-sea

“While replenishments-at-sea are routine, astern refueling is unique and requires precise navigation and coordination,” said Lt. Cmdr. Jason Ileto, fleet replenishment scheduler for Commander,

US Offshore Lease Sale Yields $18 Mln in High Bids

Today’s U.S. oil and gas Lease Sale 248 garnered $18,067,020 in high bids for 24 tracts covering 138,240 acres in the Western Gulf of Mexico Planning Area, announced

Another Hurdle for The Ocean Alliance

Commissioner William P. Doyle of the U.S. Federal Maritime Commission today voted in favor of requesting additional information from The Ocean Alliance parties.

Mergers & Acquisitions

Baltic Exchange Board Backs SGX Bid

The Baltic Exchange board has unanimously backed a takeover bid from Singapore Exchange Ltd , a deal that will give SGX access to a trading platform for the multi-billion

State to Take Reins of Alaska LNG Project

Alaska Gasline Development Corp. President Keith Meyer says the Big 3 oil companies are cooperating with the state’s desire to take full ownership of the AK LNG Project.

DP World H1 Profit Soars on Acquisitions

DP World, one of the world's largest port operators, reported a 50 percent leap in net profit for the first half of this year on Thursday, helped by the acquisitions

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pod Propulsion Salvage Ship Electronics Ship Simulators 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: 0.1084 sec (9 req/sec)