Kirby Corp. Signs Agreement To Buy Sabine Towing

Houston barge company Kirby Corp. recently announced that it signed an agreement to purchase the assets of Sabine Towing & Transportation Co. from Sequa Corp., New York-based parent of Sabine, for $37.25 million.

Kirby plans to pay for the purchase with a combination of cash on hand and new financing within Sabine Transportation Co., a Kirby unit that will own Sabine's assets.

Based in Port Arthur, Texas, Sabine is engaged in coastal and inland marine transportation of petroleum products and harbor tug services.

For the nine months ended September 30, it had revenue of $50.5 million and $66.8 million for all of 1990. Kirby's revenue was $140 million for the nine months ended September 30 and $175.8 million for all of 1990.

Approximately 65 percent of Sabine's revenues are derived from coastal tanker operations, 25 percent from inland tank barge operations, and 10 percent from harbor tug services.

Sabine operates 38 tank barges, 24 harbor tugs and push boats and six coastal tankers.

The acquisition should produce a favorable impact on Kirby's earnings, the company said.

Maritime Reporter Magazine, page 12,  Mar 1992

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