Savage Statement on Agreement to Sell Inland Marine Assets to KirbyJanuary 30, 2020
Savage confirms the agreement announced today by Kirby Corporation to purchase our inland tank barge fleet, consisting of 90 inland tank barges and 46 inland towboats, along with other assets. The agreement is subject to customary closing conditions and regulatory approvals. Once completed, this transaction will provide increased flexibility to grow our business in alignment with our strategy, values, and ongoing commitment to safe, reliable and responsible operations.
Savage will continue to provide inland marine services to Customers until the transaction is completed. Our offshore marine business and shore side services for some existing Customers including dock operations, management, and logistics are unaffected by this agreement, and will remain an important part of our service offerings going forward.
“We’re proud of the excellent service our inland marine Team Members have consistently provided for Customers in the Gulf Coast and throughout the Intracoastal Waterway,” said Kirk Aubry, Savage President and Chief Executive Officer. “I’m confident that along with Kirby’s existing team, they’ll continue to provide value for chemical companies, refineries, and other businesses that transport bulk materials and products on the water.”
Established in 1946, Savage moves and manages critical materials for Customers using rail, trucks, and marine vessels, and through the design, construction, and operation of terminals and other industrial facilities across North America and internationally. Our purpose is to enable our Customers and Partners to Feed the World, Power Our Lives, and Sustain the Planet. As such, we provide comprehensive services across Customers’ supply chains in the Agriculture, Energy and Chemical, and Environmental Sectors.
Jeff Hymas, Communications Director