John W Snow News

Sea Land acquired for $800M

The consolidation churn claimed its latest victim, as the A.P. Moller Group and CSX announced today that an agreement has been reached for A.P. Moller-Maersk Line to acquire Sea-Land Service, Inc.'s international liner business, including vessels, containers, related terminals and certain lease obligations for $800 million. Sea-Land currently operates about 70 containership and about 200,000 containers in its international trade. "The operation and management will be fully integrated, drawing on the best from both organizations," said Ib Kruse, partner of A.P. Moller. "Maersk-SeaLand will offer a wide range of services, unmatched in the industry, for the benefit of our customers worldwide. "Maersk is a terrific company that will become event stronger," said John W.