Pott Industries Inc. Becomes HNG Subsidiary
Houston Natural Gas Corporation (HNG) has acquired Pott Industries Inc. of St. Louis, Mo., through a tax-free exchange of 4,881,046 shares of HNG common stock for all of Pott's common and preferred stock outstanding.
Pott will continue to headquarter in St. Louis and will be operated under its present management as a wholly owned HNG subsidiary. Pott has approximately 3,000 employees worldwide.
H.T. Pott will remain chairman of the Pott board of directors and Richard P. Conerly will continue as president. Mr. Conerly also will become a director of HNG.
Pott and its subsidiaries are energy-related companies engaged in marine transportation and services to the offshore petroleum industry; construction and repair of towboats, barges, dredges, oceangoing tugs and supply boats; and marine t r a n s p o r t a t i o n on United States inland and intracoastal waterways.
Pott's Offshore Marine Services Division, which headquarters in New Orleans, La., includes Gulf Mississippi Marine Corporation, DeFelice Marine Contractors, Inc., and several foreign subsidiaries.
While the Division operates worldwide, its primary operations are in the Gulf of Mexico, the Middle East and the North Sea. Another subsidiary, Quality Equipment, Inc. of Houma, La., constructs tugs and supply boats for the offshore petroleum services industry.
The St. Louis Ship Division's operations include a major inland shipbuilding and repair facility in St. Louis; Caruthersville Shipyard, Inc., Caruthersville, Mo.; Paducah Marine Ways, Inc., Paducah, Ky.; and Engineering Control, Inc., which designs and sells heat recovery systems. An affiliate, Dixie Dredge Corporation, also manufactures dredges at the St. Louis facility.
Federal Barge Lines, one of the larger barge systems in the United States, its subsidiary, Gulf-Canal Lines, and United Barge Co. operate fleets transporting grain, steel, coal and other commodities, primarily on the Mississippi River and its tributaries and Gulf Intracoastal Waterways.
HNG's principal lines of business are intrastate natural gas transmission, oil and gas exploration and production, coal mining, and production and marketing of carbon dioxide and other industrial gases.
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