Printer Friendly

KIRBY CORPORATION ANNOUNCES THE COMPLETION OF PURCHASE

 KIRBY CORPORATION ANNOUNCES THE COMPLETION OF PURCHASE
 HOUSTON, March 16 /PRNewswire/ -- Kirby Corporation (AMEX: KEX)


announced the completion of the purchase of the assets of Sabine Towing & Transportation Co., Inc., a wholly-owned subsidiary of Sequa Corporation (NYSE: SQA), for $36,950,000 in cash, subject to post- closing adjustments.
 Sabine, located in Port Arthur, Texas, is engaged in coastal and inland marine transportation of petroleum products and harbor tug services. The assets purchased consist of offshore tankers, inland tank barges and towboats, harbor service tugboats, land and buildings. The operations are classified into three divisions, tanker, inland barge and harbor services.
 Sabine recorded total revenues for the years ended Dec. 31, 1990 and 1991 of $66.8 million and $67.3 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. Sabine derived its 1991 revenues 67 percent from the tanker division, 23 percent from the inland barge division and 10 percent from the harbor services division.
 The tanker division, which operates under the charter to U.S. oil companies, consists of six owned American-flag tankers of 28,700 to 35,000 dead-weight-tons transporting petroleum products in the Gulf of Mexico, long the U.S. East Coast and in the Caribbean Basin. The inland barge division, consisting of 33 owned and five leased split-product tank barges and 11 owned and four leased towboats, operates in the transportation of clean petroleum products along the lower Mississippi River and the Gulf Intracoastal Waterway. The harbor services division, consisting of eight owned tugboats, provides towing, docking and shifting services to the Port Arthur and Lake Charles, La. area ports. In addition, the division provides offshore ship assistance and drill- rig movements off the Texas and Louisiana coasts.
 Kirby is a diversified corporation engaged, through its subsidiaries, in inland and offshore marine transportation, diesel repair and property and casualty insurance.
 -0- 3/16/92
 /CONTACT: Steve Holcomb of Kirby Corporation, 713-629-9370/
 (KEX SQA) CO: Kirby Corporation; Sequa Corporation ST: Texas IN: TRN SU: TNM


AH -- NY024 -- 8180 03/16/92 09:53 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 16, 1992
Words:355
Previous Article:ASPIRING DOCTORS AWAIT THE PERFECT MATCH
Next Article:CARE LOBBY DAY AND AFTERMARKET PARTS EXHIBIT
Topics:


Related Articles
KIRBY CORPORATION ANNOUNCES LETTER OF INTENT
KIRBY CORPORATION ANNOUNCES PURCHASE AGREEMENT
KIRBY CORPORATION ANNOUNCES COMPLETION OF ACQUISITION OF SCOTT CHOTIN
KIRBY CORPORATION ANNOUNCES REDEMPTION
KIRBY CORPORATION COMPLETES PURCHASE OF TANK BARGES
KIRBY CORPORATION ANNOUNCES SIGNING OF MEMORANDUM OF AGREEMENT WITH OMI CORP.
KIRBY CORPORATION MAKES ANNOUNCEMENT
KIRBY CORP. COMPLETES PURCHASE FROM THE DOW CHEMICAL COMPANY
Kirby Corporation Announces the Completion of Purchase of Inland Tank Barge And Towboat Fleet of SeaRiver Maritime, Inc.
Kirby Corporation Announces Completion of Asset Purchase and Barge Management Agreement With Coastal Towing, Inc.

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