HOUSTON, Nov. 12, 2018 /PRNewswire/ -- Kirby
Corporation ("Kirby") (NYSE: KEX) today announced the signing of an
agreement to acquire substantially all of CGBM 100, LLC's ("CGBM")
inland marine tank barge fleet for an undisclosed amount.
Under the terms of the agreement, Kirby will acquire 27 of
CGBM's 10,000 barrel inland marine tank barges which have a total
capacity of approximately 270,000 barrels. The closing of the
acquisition is expected to occur in the 2018 fourth quarter and is
subject to customary closing conditions.
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. In addition, Kirby
participates in the transportation of dry-bulk commodities in
United States coastwise
trade. Through the distribution and services segment, Kirby
provides after-market service and parts for engines, transmissions,
reduction gears, and related equipment used in oilfield services,
marine, power generation, on-highway, and other industrial
applications. Kirby also rents equipment including
generators, forklifts, pumps, and compressors for use in a variety
of industrial markets, and manufactures and remanufactures oilfield
service equipment, including pressure pumping units, for land-based
oilfield service customers.
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SOURCE Kirby Corporation