Marine Systems Inc., a wholly owned subsidiary of Kirby Corp
., said it had agreed to purchase Saunders Engine and Equipment Co. Inc. for about $13.2m in cash. Saunders, based in Mobile, Ala., is a privately held high-speed diesel engine services provider.
The deal is expected to close by July 20.
Houston-based Kirby said it will finance the acquisition using an existing revolving credit facility.