"Kirby Corporation Completes The Purchase Of Allied Transportation Company's Coastal Fleet" ($CNRD)

More barge news,

"Kirby Corporation announced today the completion of the previously disclosed purchase of 13 barges and seven tugboats from Allied Transportation Company, a subsidiary of Allied Marine Industries, and two affiliated companies. The fleet of offshore barges and tugboats participates in the coastal transportation of petrochemicals, as well as dry sugar products, in the Northeast, Atlantic and Gulf Coast regions of the United States. The purchase price was $116 million in cash, before post-closing adjustments, including $10 million that will be paid contingent on developments with the sugar provisions in the U.S. Farm Bill. The purchase was financed using Kirby's revolving credit facility.

"The fleet consists of 10 coastal tank barges with a total capacity of 680,000 barrels, three offshore dry-bulk barges with a total capacity of 48,000 deadweight tons, and seven coastal tugboats. Ninety percent of the tank barges are under term contracts with large petrochemical customers..."