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

Workboats

Seacor Takes Delivery of 10,800 HP Crewboat

Seacor Marine is building ever larger and more powerful mono-hull crew/supply boats. The first of these to be delivered is the 202x34-foot Alex F. McCall with some very impressive statistics.

A Classic Repower

The tug Falcon was built by Modern Marine Inc. in 1978. In the intervening years, companies that employed her have changed hands a number of times until 2013 when Vane Line Bunkering of Baltimore,

The Legal Consequences of 46 CFR Subchapter “M”

As the holiday season and the end of another year quickly approaches, the towing industry patiently waits for the Coast Guard to finalize the long-awaited towing vessel inspection rule.

Education/Training

Kings Point Student Earns NMRA Scholarship

The National Marine Representatives Association (NMRA) recently awarded its second $500 scholarship to a student pursuing education in the marine industry and maritime trades.

New Training for Man Overboard Response

Falling overboard is a life-threatening emergency, not only for the person in question but also for those involved in their rescue. Every step in the rescue process

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1676 sec (6 req/sec)