CSX COMPLETES ACQUISITION OF VALLEY LINE FROM SEQUA
CSX COMPLETES ACQUISITION OF VALLEY LINE FROM SEQUA RICHMOND, Va., May 22 /PRNewswire/ -- CSX Corporation
(NYSE: CSX), American Commercial Lines Inc. (ACL) and Sequa Corporation (NYSE: SQA) announced completion of the sale of the assets of the Valley Line Company, Sequa's barge unit, to CSX. The transaction will take effect at the close of business today.
ACL will place the assets in a voting trust, pending completion of the Interstate Commerce Commission's review and approval of the transaction. The trust has been established with a Louisville, Ky., bank. CSX Corporation, headquartered in Richmond, is an international transportation company offering a variety of rail, container- shipping, intermodal, trucking and barge services. Sequa, headquartered in New York, is a technology-based company with principal interests in aerospace, machinery and metal coatings, specialty chemicals and professional services. -0- 5/22/92 /CONTACT: Suzanne S. Walston of CSX, 804-782-1406, or Linda G.
Kyriakou of Sequa, 212-986-5500/
(CSX SQA) CO: CSX Corporation; American Commercial Lines Inc.; Sequa Corporation ST: Virginia, Kentucky, New York IN: TRN SU: TNM
LJ -- PH018 -- 3367 05/22/92 14:05 EDT
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|Date:||May 22, 1992|
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