CP Ships Completes Acquisition

Tuesday, August 06, 2002
CP Ships Limited completed its acquisition of all issued and outstanding shares in Italia di Navigazione from d'Amico Societa di Navigazione S.p.A. for $40 million in cash. The acquisition was announced on May 30, 2002. As previously announced, the purchase is being paid for with proceeds from CP Ships' offering in July 2002 of 9.6 million common shares and private placement of $200 million of senior unsecured notes. "We are pleased to welcome Italia as CP Ships' seventh brand," commented CP Ships' CEO Ray Miles. "By purchasing Italia CP Ships continues its strategy of making acquisitions to reinforce our regional leadership position, build trade lane economies of scale and create new opportunities for growth. Plans are already in place to strengthen Italia's services and build on the service cooperation that already exists between Italia and other CP Ships brands." Italia's new board of directors is chaired by Frank Halliwell, Chief Operating Officer of CP Ships. Pietro Eugeni continues as managing director.

Maritime Today


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

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

People & Company News

Elandra Yachts Expands, Launches Finishing Department

Elandra Yachts has added another layer of craftsmanship to its boat-building operation with the launch of a new in-house paint department at the Gold Coast plant,

Smulders Appointed CEO of Radio Holland

Paul Smulders has been appointed CEO of Radio Holland, part of the RH Marine Group (formerly Imtech Marine).   Smulders returns to Radio Holland where he started

SENER, ESI Group to Integrate Solutions

The global company ESI Group, a virtual prototyping and testing software developer, has joined efforts with SENER, a company in marine engineering and the development

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0876 sec (11 req/sec)