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KIRBY CORPORATION ANNOUNCES COMPLETION OF ACQUISITION OF SCOTT CHOTIN

 KIRBY CORPORATION ANNOUNCES COMPLETION OF ACQUISITION OF SCOTT CHOTIN
 HOUSTON, June 2 /PRNewswire/ -- Kirby Corporation (Kirby) (AMEX: KEX) announced the completion of the acquisition of Scott Chotin, Inc. (Chotin) by means of a merger of Chotin with and into Chotin Carriers, Inc., a wholly owned subsidiary of Kirby, for an aggregate consideration of approximately $34,600,000.
 Pursuant to the agreement and plan of merger, Kirby issued 870,892 shares of its common stock to certain Chotin shareholders, valued for the purpose of this transaction at $12.625 per share, and paid the shareholders of Chotin approximately $8,300,000 in cash in exchange for all of the outstanding common stock of Chotin, discharged existing debt of Chotin of approximately $7,400,000 and paid to certain executives and shareholders of Chotin $5 million for agreements not to compete. An additional cash payment to the shareholders of Chotin estimated to total $800,000 will be made upon the completion of an audit of Chotin's financial statements as of the closing date.
 In addition, Kirby may, over a 3-year period after the closing, issue up to 170,000 additional shares of Kirby stock contingent upon the resolution of certain potential liabilities resulting from operations of Chotin prior to the merger.
 Chotin, officed in Mandeville, La., (near New Orleans), is engaged in the inland marine tank barge transportation of industrial chemicals and asphalt along the Mississippi River System and the Gulf Intracoastal Waterway. Chotin's fleet includes 29 owned inland tank barges, six of which operate in the asphalt trade, and eight inland towboats. Chotin's properties also include 10 dry cargo barges operated by a customer under long-term charter and a 50 percent interest in Cho-Me Towing Company, an inland river towing company consisting of two river towboats. Simultaneous with the Chotin closing, Kirby sold Chotin's 50 percent interest in Cho-Me to the other 50 percent interest owner for $1,800,000 in cash.
 The cash portion of the merger was financed by a takedown under the corporation's acquisition line of credit, cash on hand and $16 million of new term-loan bank financing.
 Chotin recorded total revenues for the fiscal year ended May 31, 1991, and nine months ended Feb. 29, 1992, of $20.7 million and $13.8 million, respectively. Kirby has previously reported total revenues for the year ended December 31, 1991 and three months ended March 31, 1992, of $189.0 million and $49.2 million, respectively.
 On March 16, 1992, Kirby announced the acquisition of the assets of Sabine Towing & Transportation Co., Inc., a company engaged in coastal and inland marine transportation of petroleum products and harbor tug services and on April 2, 1992, Kirby announced the acquisition of all of the assets of Ole Man River Towing, Inc. and related entities, a group of companies engaged in inland marine transportation of petroleum products.
 Kirby is engaged, through its subsidiaries, in marine transportation, diesel repair and property and casualty insurance. Kirby's marine transportation subsidiaries are engaged in the transportation of industrial and agricultural chemicals and petroleum products by inland tank barge along the Gulf Intracoastal Waterway and Mississippi River System and the offshore transportation of petroleum products by tanker and ocean-going tank barge and drybulk cargoes by ocean-going barge, primarily between ports along the Gulf of Mexico, the Caribbean Basin the U.S. East Coast. The diesel repair subsidiary is engaged in the repair and overhaul of large diesel engines and related parts sales, primarily for customers in the inland and offshore marine industries. Kirby's property and casualty insurance subsidiary is engaged in the writing of property and casualty insurance in the Commonwealth of Puerto Rico.
 -0- 6/2/92
 /CONTACT: Steve Holcomb of Kirby Corporation, 713-629-9370/
 (KEX) CO: Kirby Corporation; Scott Chotin Inc. ST: Texas IN: INS SU: TNM


PS -- NY024 -- 6178 06/02/92 11:02 EDT
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Date:Jun 2, 1992
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