Crowley To Acquire MTC
Crowley agreed last month to acquire all of the outstanding shares of Marine Transport Corporation (MTC) for $7 per share. The transaction is conditioned upon a minimum number of Marine Transport's shares being tendered, regulatory approvals, and other standard closing conditions. The tender offer is not conditioned upon financing.
"Our investment in Marine Transport is a unique opportunity for Crowley to add a complementary business line to our present maritime activities," said Thomas B.
Crowley, Jr., Chairman of the Board and CEO of Crowley. "It is our plan to allow Marine Transport to pursue its present strategic plan with its dedicated management and employees, supported by the joint resources of the combined companies.
This is an historic event for the U.S.
Maritime community in many respects, and we look forward to developing expanded growth opportunities with Marine Transport." Richard du Moulin, Chairman and CEO of Marine Transport said, "We believe this transaction provides significant value realization to our existing stockholders. Crowley is one of the most well respected companies in our business.
They know our industry and are deeply committed to it. We look forward to working together." ING Barings LLC advised Marine Transport with respect to this transaction.
Oakland-based Crowley Maritime Corp., founded in 1892, is primarily a family- and employee-owned company engaged in integrated logistics, marine transportation and related services. The corporation, with more than 100 offices in major ports and cities around the world, has several operating subsidiaries, including Crowley Liner Services, Crowley Marine Services, Crowley Petroleum Transport and Crowley Logistics.
Marine Transport Corporation is a U.S.- based supplier of marine transportation services, with one of the largest U.S.- based fleets of ocean going vessels.
Marine Transport's core business is industrial shipping with leading chemical and energy customers. Marine Transport's Houston-based operation, MTL Petrolink, provides crude oil lightering services in the Gulf of Mexico.
Other stories from January 2001 issue
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- Genoese Regeneration page: 8
- Coast Guard Announces Marine Casually Reporting Requirements page: 9
- $29.9M Approved For U.S. Shipbuilding Loan Guarantees page: 9
- Southern Hospitality page: 10
- Incat Signs Deal With Bollinger page: 10
- Image Marine Delivers Cruise Catamaran for Private Operation page: 14
- Spain Creates Joint European Company page: 15
- Crowley To Acquire MTC page: 15
- Cammell Laird Awaits Costa Crociere Decision page: 16
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- USS Roosevelt Is Commissioned At Mayport page: 24
- Blount-Barker Shipbuilding Formed page: 26
- New N.C. Ferry-Linked Water Monitoring Generates Data page: 28
- Largest Aquastrada High Speed Ferry Under Construction At Rodriquez page: 29
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- 3-D Modeling For Small And Large Vessel Construction page: 36
- Autostructure - For Ease In The Creation Of Internal Strucutres page: 38
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- Onstream Project To Optimize FPSO Design page: 40
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- EnSolve Biosystems1 Senior Scientist Receives Top Honor page: 41
- The Doctor Is "In" page: 42
- The Natural Order page: 44
- Wartsila Fits First "Smokeless" Diesel page: 50
- Aloha Kittiwake - USCG Welcomes Bollinger-Built Patrol Boats page: 51
- 71 Countries Make IMO's Initial STCW White List page: 53
- NORSHIPCO Receives Enviro Honor page: 53
- New Executive Appointments ATROCL page: 54
- SJS Selected To Build Panama Canal Tugs page: 55
- Halter Marine Awarded $69M Option For Car Carrier page: 55
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- Transas Engine Room Simulators Offer Enhanced Capabilities page: 56
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- Litton European Unit Advances IB Concept For Workboats page: 58