Kirby Expects $10M A Year Savings After Acquisition
Kirby Corp., the nation's largest tank barge operator, expects to save at least $10 million per year due to its acquisition of Hollywood Marine Inc. Kirby agreed to buy the inland tank barge company in July for about $325 million. Closing of the deal is scheduled to occur this week. "Cost savings, through the consolidation of the corporate headquarters, the elimination of duplicate administrative and operating staffs and expenses, and improved operating efficiencies in the marine transportation division, are estimated to be at least $10 million per year," Kirby said in a statement. Company officials would not comment further on how many jobs would be cut and where those reductions would be made.
Kirby Expects $10M Annual Savings After Acquisition
Kirby Corp., the nation's largest tank barge operator, expects to save at least $10 million per year as a result of its acquisition of Hollywood Marine Inc. Kirby agreed to buy the inland tank barge company in July for about $325 million. "Cost savings, through the consolidation of the corporate headquarters, the elimination of duplicate administrative and operating staffs and expenses, and improved operating efficiencies in the marine transportation division, are estimated to be at least $10 million per year," Kirby said in a statement. Company officials would not comment further on how many jobs would be cut and where those reductions would be made.
Kirby Buys Towboats, Barges from Coastal
Kirby Corp. signed an asset purchase agreement with Coastal Towing, Inc. to purchase from Coastal seven black oil tank barges and 13 inland towboats. The transaction, estimated at $17.1 million in cash, is being financed through Kirby's operating cash flow and available credit under Kirby's bank revolving credit agreement. Kirby and Coastal have also entered into a Barge Management Agreement whereby Kirby will serve as manager of the combined black oil tank barge fleet, which will include Coastal's 51 remaining barges and Kirby's 65 barges, for a period of seven years. In a related transaction, on September 25, 2002, Kirby purchased from Coastal three black oil tank barges for $1.8 million in cash.
Kirby Signs Agreement With Coastal Towing
Kirby Corporation announced the signing of an asset purchase agreement with Coastal Towing, Inc. ("Coastal") to purchase from Coastal seven black oil tank barges and 13 inland towboats. The transaction, estimated at $17.1 million in cash, is being financed through Kirby's operating cash flow and available credit under Kirby's bank revolving credit agreement. Kirby and Coastal have also entered into a Barge Management Agreement whereby Kirby will serve as manager of the combined black oil tank barge fleet, which will include Coastal's 51 remaining barges and Kirby's 65 barges, for a period of seven years. In a related transaction, on September 25, Kirby purchased from Coastal three black oil tank barges for $1.8 million in cash.
