Sept 4 Kirby Corp, the largest U.S.
inland tank barge operator, will buy the assets of Allied
Transportation Co for $116 million as it looks to grow the
petrochemical segment of its offshore operations.
Allied's customers include petrochemical companies, most of
which are current Kirby customers for inland tank barge
services, Kirby said.
Allied's fleet of 10 coastwise tank barges, three offshore
dry-bulk barges and seven tugboats also transports dry sugar
products in the Northeast, Atlantic and Gulf coast regions of
the United States.
Kirby said the deal's positive impact will be offset by
related costs and backed its 2012 earnings forecast of between
$3.50 and $3.70 per share.
The company expects the deal to add between 6 cents and 8
cents to its 2013 earnings.
Kirby, which owns about a fourth of the United States'
inland water barges - flat-bottomed boats that carry
petrochemicals, gasoline and fertilizers - said the purchase
will be financed through its revolving credit facility.
Shares of Houston, Texas-based Kirby were down 1 percent at
$53.36 in after-market trading. They closed at $53.88 on the New
York Stock Exchange on Tuesday.