Ingram Unit to Acquire Midland Enterprises Inc.Business Editors NASHVILLE, Tenn.--(BUSINESS WIRE)--Jan. 24, 2002 Ingram Industries Ingram Industries is a company based in the United States founded by the late Erskine Bronson Ingram and still owned and run by the Ingram family. Ingram Barge Company was founded by his father, Orrin Henry Ingram. Inc. through its Landgrove Corp. subsidiary has reached an agreement to acquire Midland Enterprises Inc., a leading U.S. inland marine transportation company that includes The Ohio River Company and Orgulf Transport Co., officials announced today. Ingram Barge Company The Ingram Barge Company is a barge company based in Nashville, Tennessee, United States. According to the company website, Ingram operates nearly 4,000 barges with a fleet of over 80 linehaul vessels and over 30 tug boats. will continue its leadership role in the inland marine transportation industry, and the new Landgrove Corp. will become a new marine operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of the parent company Ingram Industries Inc., said Orrin H. Ingram, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ingram Industries Inc. "We are pleased to announce that we are making another significant investment in the marine industry," Mr. Ingram said. "We have always respected our friends at Midland. They are a fine company, and we look forward to their joining the Ingram family of businesses." Midland will be acquired from its owner, Eastern Enterprises, a subsidiary of KeySpan Corp. (NYSE NYSE See: New York Stock Exchange : KSE KSE Karachi Stock Exchange KSE Kuwait Stock Exchange KSE Korea Stock Exchange KSE Kernel Scheduler Entities KSE Kill Switch Engage (band) KSE Kuat Systems Engineering (Star Wars) ) of New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , in a transaction that is expected to close in the second quarter of 2002, subject to receipt of applicable regulatory approvals. "This growth in our business will enhance our ability to provide effective, efficient and economical transportation services," Mr. Ingram noted. "We anticipate that the acquisition of Midland will enable Ingram to bring excellent service to a broader base of valued customers. That is our tradition, and Midland's too." Based in Cincinnati, Ohio, Midland's company history dates back to 1925 with the founding of The Ohio River Company. Today, Midland's fleet includes approximately 2,300 barges and 80 towboats. Midland's river transportation subsidiaries include The Ohio River Company, Orgulf Transport Co., Orsouth Transport Co., and R & W Marine. Together, these companies deliver over 50 million tons of coal, grain, iron, steel, ores and other dry bulk commodities each year. Midland operates on all major inland waterways, including the Ohio and Mississippi Rivers and their tributaries, the Illinois, Tennessee, Black Warrior and Arkansas Rivers, the Tennessee-Tombigbee Waterway and the Gulf Intracoastal Canal. Ingram Industries Inc., based in Nashville, Tennessee, is one of America's largest privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. . It consists of diversified businesses in distribution, insurance, marine transportation, aggregate supply, and digital fulfillment services. Ingram Industries Inc. includes four operating divisions: Ingram Book Group, Ingram Marine Group, Ingram Insurance Group, and Lightning Source Inc. |
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