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TMM AND CGM ANNOUNCE NEW VENTURE

 MEXICO CITY, Jan. 5 /PRNewswire/ -- Transportacion Maritima Mexicana (NYSE: TMM.A/TMM) and Paris-based Compagnie Generale Maritime (CGM) announced today that according to an agreement in principle signed by their respective presidents, Francisco Lopez Barredo and Eric Giuily, TMM's 49%-owned subsidiary Global Reefer Carriers (GRC) and CGM intend to develop a cooperative relationship between their groups to service the transportation of reefer and general cargoes between the Central American region and Northern Europe.
 The agreement in principle provides that CGM will sell to GRC its 80% interest in Internationale Fruchtimport Gesellschaft Weichert, the exclusive marketing and sales representatives of Del Monte for Northern and Central Europe, including Scandinavia. In addition, GRC will acquire a 51% indirect stake in Horn Linie from CGM. At the same time, CGM will transfer the remaining 49% of its interest in Horn Linie to CGM Sud, its subsidiary in charge of Caribbean, Latin American and African ocean trades. GRC and CGM Sud will have equal rights and involvement in the management of Horn Linie.
 In July of 1993, Del Monte's Mexican holding company and TMM created GRC as a global transportation joint venture to service the worldwide transportation needs of Del Monte and third parties.
 Horn Linie's core business is providing reefer and container services linking Central America and the Caribbean with the North European continent on a weekly basis. In the westbound trade these vessels are chartered by CGM Sud. Horn Linie has provided reefer transportation services to Del Monte in this trade for the last 20 years and has earned a well-established reputation. Additionally, Horn Linie participates in the trades within the Baltic region and the chartering of reefer and container feeder size tonnage. Horn Linie, which is a member of the Witasa Conference, is expected to secure long-term transportation agreements with both Del Monte and CGM Sud.
 TMM is Mexico's largest transportation service company and a leader among world carriers serving Mexico. A full-service shipping company, TMM's network includes 21 offices in Mexico and affiliates and subsidiaries throughout the world.
 -0- 1/5/94
 /CONTACT: Pedro Mejorada of TMM, 011-525-606-0444 or 011-525-606-4811; or Joe Mileti of Dewe Rogerson, 212-688-6840/
 (TMM)


CO: Transportacion Maritima Mexicana; Compagnie Generale Maritime ST: IN: MAR SU:

TW -- NY029 -- 9309 01/05/94 11:33 EST
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Publication:PR Newswire
Date:Jan 5, 1994
Words:379
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