ACL Acquires AEP River Operations
Marine transportation service company American Commercial Lines (ACL) announced it has acquired commercial inland barge company AEP River Operations from American Electric Power (AEP). AEP River Operations is based in Chesterfield, Mo., with operations in Paducah, Ky.; and Convent, Algiers and Belle Chasse, La., and delivers approximately 45 million tons of products annually. Mark Knoy, president and CEO of Jeffersonville, Ind. based ACL, had previously run AEP River Operations for a decade before joining ACL in 2011.
ACL Adds Eight Tank Barges
American Commercial Lines Expands Liquid Cargo Fleet With Purchase of Eight 20,000 Barrel Capacity Tank Barges. American Commercial Lines (ACL) today announced the purchase of eight 20,000 barrel capacity tank barges from SeaRiver Maritime Inc., a subsidiary of Exxon Mobil Corporation. The purchase will expand ACL's fleet of 325 tank barges, which transport liquid cargoes, including chemicals, petroleum and renewable fuels throughout the U.S. inland waterway system. The company operates the nation's second largest tank barge fleet and the third largest dry cargo fleet. "This expansion of our fleet enables us to meet shippers' needs for mid-range capacity tank barges and underscores ACL's long-term commitment to our liquids business…
American Commercial Lines Announces New Leadership
American Commercial Lines Inc. (ACL), one of the largest and most diversified inland marine transportation and service companies in the United States, announced today the appointments of Mark Knoy as President and Chief Executive Officer and David Huls as Senior Vice President and Chief Financial Officer. Industry veteran Mark Knoy, 52, is joining ACL following a seventeen year career at AEP River Operations, LLC, a subsidiary of American Electric Power Co., Inc., where he spent the last ten years serving as President. Under Mr. Knoy's leadership AEP River Operations grew to become one of the nation's largest and most successful barge lines. "Mark brings to ACL many years of profitable growth on the inland waterways," said Bryan Kelln, President of Portfolio Operations at Platinum Equity.
Affiliate of Platinum Equity to Acquire ACL
American Commercial Lines Inc. (NASDAQ: ACLI), one of the largest and most diversified inland marine transportation and service companies in the United States, announced that it has entered into a definitive merger agreement to be acquired by an affiliate of Platinum Equity, in a transaction with an enterprise value of approximately $777m. ACL's Board of Directors, acting on the unanimous recommendation of a Special Committee of independent directors, approved the agreement and has recommended the approval of the transaction to ACL's stockholders. Under the terms of the agreement, ACL stockholders, other than GVI Holdings, Inc. and certain of its affiliates (GVI), will receive $33.00 in cash for each share of ACL common stock they hold.
