Seacor Smit Inc. announced that it has acquired SCF Corporation
, a company that owns and operates inland river barges and that is substantially owned and controlled by certain Seacor directors. SCF owns 43 barges and is the 50% owner of a partnership that owns an additional 11 barges.
These barges and partnership interest are valued at approximately $7.5 million. In addition, SCF manages an overall barge fleet of 262 units and owns 254,380 shares of Seacor's common stock. The transaction will result in the issuance of approximately 121,000 shares of Seacor stock net of the shares owned by SCF, which would be returned to treasury, and the payment to SCF's shareholders of approximately $2.9 million in cash, representing SCF's working capital. The acquisition was unanimously approved by Seacor's directors, including all directors who are disinterested with respect to the transaction.
, Chairman of Seacor said, "This acquisition is part of our previously announced intention to expand our presence in the inland marine industry. Earlier this year Seacor constructed 23 covered hopper barges which are operated in a pool of equipment by SCF." This equipment is used to transport grain, coal, and other bulk commodities on the inland river system.