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MARITRANS ANNOUNCES STREAMLINING

 PHILADELPHIA, Dec. 2 /PRNewswire/ -- Maritrans Inc. (NYSE: TUG) has taken a number of important steps designed to enhance shareholder value and improve customer service.
 The steps include efficiency improvements and a reduction in work force. Overhead expense reductions should reduce 1994 expenses by more than $5 million when compared to 1993. Further sales of non-strategic assets are expected to generate cash for investment in the company's growing distribution business.
 As part of the company-wide streamlining, the size and role of the corporate office are being radically reduced. Among the positions eliminated are those of President Craig Johnson, who will be departing to pursue other business interests, and Executive Vice President James Sanborn, who will be retiring. Both will remain on the board of directors. Maritrans will take a one-time charge to pre-tax earnings of approximately $2 million for costs associated with this streamlining during the fourth quarter of 1993.
 Stephen A. Van Dyck, chairman and chief executive officer, commented, "Our continuing efforts of cost reduction and disposal of non-strategic assets will enable us to accelerate our move into the petroleum product distribution services business, which is the emerging focus of our long-term strategy. This strategy enables us to work even closer with our customers to make the domestic petroleum product supply system more efficient. Customers and shareholders alike should be reassured that our commitment to safety and top quality customer service is undiminished. We are confident that the steps we are taking now will enable us to be more competitive."
 Van Dyck went on to say, "These value-enhancement steps, including the elimination of a layer of corporate management, are significantly reducing our costs. They mirror actions taken recently by so many of our oil company customers. The streamlining of the company is made possible by the steady progress we have made with our quality and process improvement initiatives. There are a number of loyal and contributing employees who are involved in these changes whom we will miss. I am pleased that both Craig and Jim will continue to give us the benefit of their advice and counsel as ongoing members of our board of directors."
 Maritrans owns and operates a fleet of tugboats and oceangoing petroleum tank barges along the Gulf and Atlantic coasts. Maritrans also owns and operates oil storage terminals on the Atlantic Coast and provides oil spill contingency planning and clean-up management services to vessel owners. Maritrans Partners L.P. was a master limited partnership formed in 1987 that on April 1, 1993 converted, after a vote of its owners, into a corporation, Maritrans Inc. The common stock of Maritrans Inc. is listed on the New York Stock Exchange under the symbol "TUG."
 /delval/
 -0- 12/3/93
 /CONTACT: Richard Carson, 215-864-1254, or Gary Schaefer, 215-864-1288, both of Maritrans/
 (TUG) CO: Maritrans Inc. ST: Pennsylvania IN: MAR SU: PER


JM-JO -- PH034 -- 9964 12/02/93 16:25 EST
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Publication:PR Newswire
Date:Dec 2, 1993
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