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KIRBY COMPLETES PURCHASE

 KIRBY COMPLETES PURCHASE
 HOUSTON, April 2 /PRNewswire/ -- Kirby Corporation (AMEX: KEX) today


announced that its wholly-owned marine transportation subsidiary, Dixie Carriers, Inc., completed the purchase of the assets of Ole Man River Towing, Inc., and related entities for $25,575,000 in cash, subject to post-closing adjustments.
 Ole Man River, located in Vicksburg, Miss., is engaged in inland marine tank barge transportation of petroleum products along the Mississippi River System and the Gulf Intracoastal Waterway. The assets purchased consist of 24 owned and two leased inland tank barges, eight owned towboats, land and buildings.
 Ole Man River recorded total revenues for the years ended Dec. 31, 1990 and 1991, of $14.6 million and $15.5 million, respectively. Kirby has previously reported total revenues for the years ended Dec. 31, 1990 and 1991, of $175.8 million and $189.0 million, respectively. The asset purchase was funded by borrowings under Dixie's established $60 million bank revolving credit agreement.
 Kirby is engaged, through its subsidiaries, in inland and offshore marine transportation, diesel repair and property and casualty insurance.
 -0- 4/2/92
 /CONTACT: Steve Holcomb of Kirby, 713-629-9370/
 (KEX) CO: Kirby Corporation; Ole Man River Towing, Inc. ST: Texas, Mississippi IN: MAR SU: TNM


GK -- NY003 -- 4425 04/02/92 13:25 EST
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Publication:PR Newswire
Date:Apr 2, 1992
Words:212
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