SEQUA TO SELL BARGE UNIT TO CSX
SEQUA TO SELL BARGE UNIT TO CSX NEW YORK, Nov. 13 /PRNewswire/ -- Sequa Corporation (NYSE: SQA) and
CSX Corporation (NYSE: CSX) have signed a letter of intent to enter into an asset-purchase agreement under which CSX will acquire the assets of Sequa's barging subsidiary, The Valley Line Company (Valley). Terms of the transaction have not been disclosed.
The asset-purchase agreement is expected to be completed by mid-February 1992, at which time the Valley assets will be placed in an independent voting trust, pending Interstate Commerce Commission review and approval. The acquisition will be a purchase of assets of Valley's barge line, fleeting operations and river terminals. Valley operates principally on the lower and upper Mississippi River and the Illinois, Ohio and Tennessee rivers. The company owns and operates 912 covered and open barges and 29 tow boats and tug boats. "The acquisition offers a unique opportunity for CSX to extend its existing barging services and provide customers a broader array of service options," said John W. Snow, chairman and chief executive officer of CSX. "Valley is a good fit with CSX's American Commercial Barge Line (ACBL), as both companies primarily transport dry bulk cargoes," he said. ACBL, headquartered in Jeffersonville, Ind., principally operates on the Missouri, Mississippi, Illinois and Ohio rivers. CSX Corporation, based in Richmond, Va., is an international transportation company offering a wide 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- 11/13/91 /CONTACT: Linda G. Kyriakou of Sequa, 212-986-5500; or Thomas E. Hoppin or Suzanne S. Walston of CSX, 804-782-1406/ (SQA) CO: Sequa Corporation; CSX Corporation; The Valley Line Company ST: New York, Virginia IN: TRN SU: TNM JT -- NY052 -- 3933 11/13/91 12:13 EST
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|Date:||Nov 13, 1991|
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