TRANSCO SELLS BARGE TERMINALS; RAILROAD SALE PENDING
TRANSCO SELLS BARGE TERMINALS; RAILROAD SALE PENDING HOUSTON, Nov. 20 /PRNewswire/ -- Transco Energy Company (NYSE: E)
announced today that it has sold the barge terminal facilities of TTI Systems, Inc., its coal transportation services company, to a subsidiary of CSX Corporation. Transco expects to close on the sale of its railroad facilities to another subsidiary of CSX by year-end. These sales, which total $16 million, are part of the company's previously announced strategic plan and divestiture program.
Kentucky-based TTI Systems transports and loads coal via a 50-mile railroad and barge terminal facilities on the Ohio River. The railroad is connected to facilities owned and operated by a division of CSX Transportation, Inc. John P. DesBarres, Transco president and chief executive officer, said, "This sale is the first in a series of anticipated divestitures described in our strategic plan and demonstrates our commitment to timely implementation of the restructuring plan." Transco Energy Company, through its interstate gas pipeline systems and other gas service companies, transports and sells natural gas, predominantly to markets in the eastern and midwestern United States. Transco also develops independent power generation facilities and new energy technologies; explores for and produces oil and natural gas in the Gulf of Mexico; and mines and markets coal. -0- 11/20/91 /CONTACT: Katherine K. Putnam, 713-439-2455, or (investors) Donato J. Eassey, 713-439-4176, both of Transco Energy/ (E) CO: Transco Energy Company ST: Texas IN: TRN SU: TNM TS -- NY022 -- 5344 11/20/91 10:32 EST
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|Date:||Nov 20, 1991|
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