Crowley To Acquire Marine Transport Corporation

Thursday, December 21, 2000
Crowley Maritime Corporation and Marine Transport Corporation jointly announced that Crowley has agreed to acquire all of the outstanding shares of Marine Transport Corporation for $7.00 per share. Under the agreement entered into by the parties, a wholly-owned subsidiary of Crowley will commence a tender offer within the next 10 business days. The transaction is conditioned upon a minimum number of Marine Transport's shares being tendered, regulatory approvals, and other standard closing conditions. The tender offer is not conditioned upon financing. Thomas B. Crowley, Jr., Chairman of the Board and Chief Executive Officer of Crowley, said "Our investment in Marine Transport is a unique opportunity for Crowley to add a complementary business line to our present maritime activities. It is our plan to allow Marine Transport to pursue its present strategic plan with its dedicated management and employees, supported by the joint resources of the combined companies. This is an historic event for the U.S. Maritime community in many respects, and we look forward to developing expanded growth opportunities with Marine Transport." Richard du Moulin, Chairman and Chief Executive Officer of Marine Transport said, "We believe this transaction provides significant value realization to our existing stockholders. Crowley is one of the most well respected companies in our business. They know our industry and are deeply committed to it. We look forward to working together." ING Barings LLC advised Marine Transport with respect to this transaction. Oakland-based Crowley Maritime Corp., founded in 1892, is primarily a family- and employee-owned company engaged in integrated logistics, marine transportation and related services. The corporation, with more than 100 offices in major ports and cities around the world, has several operating subsidiaries, including Crowley Liner Services, Crowley Marine Services, Crowley Petroleum Transport and Crowley Logistics. Marine Transport Corporation is a U.S.-based supplier of marine transportation services, with one of the largest U.S.- based fleets of ocean going vessels. Marine Transport's core business is industrial shipping with leading chemical and energy customers. Marine Transport's Houston-based operation, MTL Petrolink, provides crude oil lightering services in the Gulf of Mexico.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Workboats

Solving the LNG Propulsion Puzzle

The last piece of the LNG infrastructure puzzle, in the form of North America’s first LNG bunker barge, falls into place at Conrad’s Orange, Texas Shipyard. With

Royal IHC Launches Sister Pipelay Vessels

Netherlands-based Royal IHC today named and launched new pipelaying sister vessels, Sapura Jade and Sapura Ônix, in ceremonies at the company’s shipyard in Krimpen aan den IJssel, The Netherlands.

Arctic Offshore Rig Gets USCG Escort

U.S. Coast Guard (USCG) crews escorted heavy lift ship Blue Marlin as it toted a controversial 38,000-metric-ton drilling rig into Port Angeles, Wash., Friday. Blue Marlin,

Education/Training

Dual Accreditation for VSTEP DP Simulators

In a timespan of one month, three types of VSTEP Dynamic Positioning Simulators have been officially certified and accredited by the Nautical Institute and Det

Capt. Ang Chin Eng New Technical Director of SSA

The Singapore Shipping Association (SSA) has appointed a full time Technical Director who will be responsible for ensuring the Association maintains its pledge

Australia: Submarines Excluded from Shipbuild Review

The Australian Navy’s future submarine project has been excluded from the country's shipbuilding review on advice from the Abbott government that the new fleet would be built offshore.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction
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: 0.1201 sec (8 req/sec)