Electric Fuels Corp News
MEMCO Christens Joy Anne Keller
MEMCO Barge Line, the inland barging subsidiary of Electric Fuels Corp. (EFC), christened a new towboat in New Orleans. M/V Joy Anne Keller, named after the wife of EFC President and CEO Richard D. Keller is the 22nd towboat in MEMCO's fleet. Built by Quality Shipyards, of Houma, La., the 8,000 hp twin-screw towboat measures 180 x 48 x 11.5 ft., and is designed to operate on the Lower Mississippi River between Cairo and New Orleans. MEMCO Barge Line, the inland barging subsidiary of Electric Fuels Corp. (EFC), christened a new towboat in New Orleans. M/V Joy Anne Keller, named after the wife of EFC President and CEO Richard D. Keller is the 22nd towboat in MEMCO's fleet.
Memco Barge Line Sold
American Electric Power Co. Inc. signed a definitive agreement with Progress Energy Inc. to buy its MEMCO Barge Line Inc. for $270 million, in a deal AEP said would immediately add to its earnings. Columbus, Ohio-based AEP said its AEP Resources Inc. wholly-owned subsidiary will buy 1,200 hopper barges and 30 towboats from Electric Fuels Corp., a Progress subsidiary, making AEP one of the leading barge operators. "The coupling of the MEMCO barge assets with our existing fleet will add earnings and significant information flow in the sometimes-neglected transportation component of our business," said Paul Addis, executive vice president of AEP's Wholesale activities.
Memco Barge Line Sold for $270M
American Electric Power Co. Inc. signed a definitive agreement with Progress Energy Inc. to buy its MEMCO Barge Line Inc. for $270 million, in a deal AEP said would immediately add to its earnings. Columbus, Ohio-based AEP said its AEP Resources Inc. wholly-owned subsidiary will buy 1,200 hopper barges and 30 towboats from Electric Fuels Corp., a Progress subsidiary, making AEP one of the leading barge operators. "The coupling of the MEMCO barge assets with our existing fleet will add earnings and significant information flow in the sometimes-neglected transportation component of our business," said Paul Addis, executive vice president of AEP's Wholesale activities.