Ferry, Towage Group For Sale
Britain's Associated British Ports Holdings Plc plans to sell Red Funnel Group, its ferry and towage business. "Red Funnel is an excellent operation and will only be sold if an adequate offer is received that reflects the true value of its potential future earnings," Chief Executive Bo Lerenius said in a statement. Red Funnel, which runs ferries between Southampton on the English south coast and the Isle of Wight, is forecasting profits of 8.5 million pounds on turnover of 26.7 million for the year ending December 31, 2000.
Ferry, Towage Group For Sale
Britain's Associated British Ports Holdings Plc plans to sell Red Funnel Group, its ferry and towage business. "Red Funnel is an excellent operation and will only be sold if an adequate offer is received that reflects the true value of its potential future earnings," Chief Executive Bo Lerenius said in a statement. Red Funnel, which runs ferries between Southampton on the English south coast and the Isle of Wight, is forecasting profits of 8.5 million pounds on turnover of 26.7 million for the year ending December 31, 2000.
APS Management Restructured
Associated British Ports Holdings Plc is reorganizing top management at its American Port Services subsidiary, including appointing Douglas Tipton as head of the Seaport container terminal division. Tipton has been president and chief executive officer of U.S. shipping firm Contship Containerlines Inc for the past three years. He has extensive experience of the container industry, having also worked at Mitsui OSK, Maersk and Sea-Land. Seaport will become one business unit under his leadership, with all U.S. terminals reporting to him. Ozzie Moore will continue to head the U.S. aviation services division Amport. Moore and Tipton will report directly to ABP's chief executive Bo Lerenius. As a result, Tim Chadwick, chief executive of APS, will be leaving the group.
British Ports Reorganizes American Management
Associated British Ports Holdings Plc has appointed Douglas Tipton as head of the Seaport container terminal division at its American Port Services subsidiary, and will reorganize top management including the appointing. Tipton has been president and chief executive officer of Contship Containerlines Inc. for the past three years. He has extensive experience of the container industry, having also worked at Mitsui OSK, Maersk and Sea-Land. Seaport will become one business unit under his leadership, with all U.S. terminals reporting to him. Seaport operates six terminals for car exports and imports, mainly on the U.S. east coast. Ozzie Moore will continue to head the U.S. aviation services division Amport. Moore and Tipton will report directly to ABP's chief executive Bo Lerenius.
