US Navy Suspends ISS From Contract Activity
The decision to suspend Inchcape Shipping Services Holding Ltd. (ISS) came in a statement from Rear Admiral John F. "The Navy announced today it suspended Inchcape Shipping Services Holding Ltd. (ISS) and its affiliated companies from contracting with the Federal government on November 26, 2013. The suspension prevents Department of the Navy (DON) and all other Federal departments and agencies from entering into any new contracts, exercising options under existing contracts or issuing any new task or delivery orders under indefinite quantity contracts with ISS or its affiliates above the minimum guarantee during the period of suspension without agency head approval. ISS is a provider of husbanding services to the DON.
Kirby Purchase Of Hollywood Creates Inland Giant
Despite a downgrading in rating from various credit agencies, Kirby Corporation's recent acquisition of Hollywood Marine is designed to reduce costs, as the inland tank barge operations of both companies are highly complementary. Kirby Corp, the largest U.S. tank barge operator, has agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, for approximately $325 million. Kirby, also based in Houston, said the purchase price consists of $90 million in stock, $135 million in cash and the assumption or refinancing of about $100 million of Hollywood debt. "Hollywood's operations are complementary to our core inland tank barge operation and are an excellent fit within Kirby's strategy of growing our core businesses through synergistic acquisitions…
Merger's Goal: Improved Efficiency
Kirby Corp, the largest U.S. tank barge operator, has agreed to buy Hollywood Marine Inc., an inland tank barge company based in Houston, for approximately $325 million. Kirby, also based in Houston, said the purchase price consists of $90 million in stock, $135 million in cash and the assumption or refinancing of about $100 million of Hollywood debt. "Hollywood's operations are complementary to our core inland tank barge operation and are an excellent fit within Kirby's strategy of growing our core businesses through synergistic acquisitions," Kirby CEO and President J.H. Pyne said. As part of the deal, Kirby said it would name C. Berdon Lawrence…
