Printer Friendly

KIRBY CORPORATION ANNOUNCES MERGER AGREEMENT WITH AFRAM LINES CO., LTD.

 HOUSTON, April 5 /PRNewswire/ -- Kirby Corporation (AMEX: KEX) announced that it has signed an Agreement and Plan of Merger with AFRAM Lines (USA) Co., LTD. and its shareholder for the merger of AFRAM into AFRAM Carriers, Inc., a wholly owned subsidiary of Kirby, for an aggregate merger consideration of approximately $25,500,000, which includes a maximum earnout provision of $10 million earned and payable over a four year period. Under the terms of the Agreement and Plan of Merger, Kirby will issue, 1 million shares of its common stock in exchange for all of AFRAM's outstanding stock.
 Simultaneous with the merger, certain executives and shareholders of AFRAM will enter into agreements not to compete for which Carriers will make payments totaling $2 million. The closing of the transaction, expected in May, 1993, is subject to appropriate regulatory filings and approvals.
 AFRAM, located in Houston, is engaged in the worldwide transportation of dry bulk, container and palletized cargoes, primarily for the United States government. AFRAM's fleet consists of three U.S. flag container and break bulk ships which specialize in the transportation of United States government military and aid cargoes.
 AFRAM recorded total revenues of $39 million for the fiscal year ended June 30, 1992 and $27.7 million for the six months ended Dec. 31, 1992. Kirby reported total revenues of $269.5 million for the year ended Dec. 31, 1992.
 Kirby is engaged, through its subsidiaries, in marine transportation, operating U.S. flag vessels on the inland waterway system of the United States and in United States Coastwise and foreign trade, diesel repair and property and casualty insurance.
 -0- 04/05/93
 /CONTACT: Steve Holcomb of Kirby Corporation, 713-629-9370/
 (KEX)


CO: Kirby Corporation; AFRAM Lines Co., Ltd. ST: Texas IN: MAR SU: TNM

AH -- NY029 -- 2975 04/05/93 11:07 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 5, 1993
Words:304
Previous Article:STATEWIDE CABLE NETWORK BRINGS GOV. FLORIO TO N.J. RESIDENTS LIVE, THURSDAY, APRIL 8 FROM 7-8 P.M.
Next Article:JANET MARTIN JOINS FITCH AS SOVEREIGN CREDIT ANALYST -- FITCH FINANCIAL WIRE --
Topics:


Related Articles
KIRBY CORPORATION ANNOUNCES REDEMPTION
KIRBY CORPORATION ANNOUNCES DIXIE CARRIERS COMPLETION OF THE PURCHASE OF TPT'S ASSETS
KIRBY CORPORATION ANNOUNCES PROPOSED CALL FOR REDEMPTION OF CONVERTIBLE SUBORDINATED DEBENTURES
KIRBY CORPORATION REPORTS NET EARNINGS FOR SECOND QUARTER 1994
KIRBY CORPORATION MAKES ANNOUNCEMENT
KIRBY CORP. COMPLETES PURCHASE FROM THE DOW CHEMICAL COMPANY
KIRBY CORPORATION ANNOUNCES BOARD/OFFICER CHANGES
Kirby Corporation to List on New York Stock Exchange
Kirby Corporation Announces Impact of Recent Flooding
Kirby Corporation Announces Third Quarter Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters