HOUSTON, June 19, 2017 /PRNewswire/ -- Kirby
Corporation ("Kirby") (NYSE: KEX) today announced the signing of an
agreement to purchase certain inland marine assets from an
undisclosed competitor for $68
million. The asset purchase will consist of nine
specialty pressure tank barges, four 30,000 barrel tank barges, and
three 1320 horsepower inland towboats. The closing of the
asset purchase is expected to occur by July
15, 2017, and is subject to certain customary
conditions. The acquisition is expected to be paid for using
funds available under Kirby's revolving credit facility.
David Grzebinski, Kirby's
President and Chief Executive Officer, commented, "The purchase of
these pressure barges and accompanying towboats boosts our ability
to meet our customers' transport demands for specialty cargos such
as liquefied petroleum gas. The addition of these recently
constructed, well maintained pressure barges will enhance the
performance of our inland barge fleet. The four 30,000 barrel
tank barges will fit seamlessly in our clean fleet which primarily
moves petrochemicals and refined products. We expect the
transaction to be $0.01 - $0.02 per
share accretive to 2017 earnings."
About Kirby Corporation
Kirby Corporation, based in
Houston, Texas, is the nation's
largest domestic tank barge operator transporting bulk liquid
products throughout the Mississippi River System, on the Gulf
Intracoastal Waterway, coastwise along all three United States coasts, and in Alaska and Hawaii. Kirby transports
petrochemicals, black oil, refined petroleum products and
agricultural chemicals by tank barge. Kirby also operates
offshore dry-bulk barge and tugboat units engaged in the offshore
transportation of dry-bulk cargoes in the
United States coastal trade. Through the diesel engine
services segment, Kirby provides after-market service for
medium-speed and high-speed diesel engines and reduction gears used
in marine and power generation applications. Kirby also
distributes and services diesel engines, transmissions and pumps,
and manufactures and remanufactures oilfield service equipment,
including pressure pumping units, for land-based oilfield service
and oil and gas operator and producer markets.
Forward-Looking Statements
Statements contained in
this press release with respect to the future are forward-looking
statements. These statements reflect management's reasonable
judgment with respect to future events. Forward-looking
statements involve risks and uncertainties. Actual results
could differ materially from those anticipated as a result of
various factors, including cyclical or other downturns in demand,
significant pricing competition, unanticipated additions to
industry capacity, changes in the Jones Act or in U.S. maritime
policy and practice, fuel costs, interest rates, weather conditions
and timing, magnitude and number of acquisitions made by
Kirby. Forward-looking statements are based on currently
available information and Kirby assumes no obligation to update any
such statements. A list of additional risk factors can be
found in Kirby's annual report on Form 10-K for the year ended
December 31, 2016 filed with the
Securities and Exchange Commission.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/kirby-corporation-signs-agreement-to-purchase-inland-tank-barges-and-towboats-300476097.html
SOURCE Kirby Corporation