ACL Buys ConAgra Barge Fleet

Wednesday, May 17, 2000
ConAgra Inc., the second largest U.S. food manufacturer, said last week it agreed to sell American Commercial Lines LLC (ACL) its large U.S. inland barge fleet and operations. Financial terms of the deal, which ConAgra said was part of ongoing series of strategic divestments, were not announced. But ACL will acquire 930 owned and chartered barges, nine chartered towboats and one dry dock, the companies said in a joint statement. The deal includes Peavey Barge Lines, Brown Water Towing Inc. and Superior Barge Lines, Inc. The transaction is subject to regulatory approval but is expected to be completed in the next 30 days, they said. Greg Heckman, president and CEO, ConAgra Trade Group, said, "Our decision to sell the barge company is a strategic one. This will allow us to focus our efforts on supporting ConAgra and our customers in the areas of commodity origination, marketing, merchandising, trading and risk management services." Omaha, Neb.-based ConAgra generates 20 percent of its $25 billion in annual sales from agricultural products. The remaining 80 percent derives from sales to food retail and foodservice customers. ConAgra has divested 16 businesses across the organization since mid-1999. Jeffersonville, Ind.-based ACL operates more than 4,300 barges and 200 towboats on the inland waterways of North and South America.
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Oil Price Shock Soon to be Positive Overall for Canada

Canada's economy will start to show more positive effects from the drop in oil prices than negatives from the second quarter onwards, Bank of Canada Governor Stephen Poloz said on Friday.

Total Eyes Sale of its Fuel Retailing Business in Turkey

Total aims to exit its fuel distribution business in Turkey and has asked Societe Generale to lead the sale, sources said on Friday, as the French oil producer

MISC Says AET Tankers Unit Not for Sale

MISC Berhad issued a statement today addressing recent market speculation that the company is set to sell its wholly owned petroleum tanker subsidiary AET Tankers.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Salvage Ship Electronics 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: 0.1800 sec (6 req/sec)