Kirby acquires Penn Maritime for $295 million

Transportation

Wednesday, November 28, 2012

Kirby Corp. said it has agreed to acquire Penn Maritime and Maritime Investments, an operator of tank barges and tugboats that primarily transport black oil products along the U.S. coast for $295 million. The purchase price includes cash, Kirby common stock and the retirement of Penn's debt. Penn operates a fleet of 18 heated, double-hulled tank barges, with a capacity of 1.9 million barrels, and 16 tugboats along the U.S. East and Gulf coasts. Penn's tank barge fleet...

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