Foss Sells Selected Assets to Tidewater

Thursday, April 03, 2008

Foss Maritime Company announced that it has agreed to sell selected assets, including two tugs and twenty barges currently operating on the Columbia Snake River system, to based Tidewater Barge Lines.
Foss made the decision to sell selected assets in order to focus its efforts and investment in its strategic lines of business including ship assist, ocean towing and special projects. Foss will maintain its based division and will no longer provide river barging of grain, wood products and containers
The sale will help the company maintain its strategic focus and standards of quality, said Scott Merritt, Foss’ Senior Vice President of Operations, citing the need for additional vessels and upgrades on its existing upriver tugs as contributing to the sale’s timing. “The most important thing for Foss is to ensure that we provide our customers with the highest quality service,” said Mr. Merritt. “In order to do that with our upriver lines of business, we would need to make significant investments in new equipment. Foss will complete any jobs that are in-process at the time of sale’s close through a charter arrangement.

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