Crescent Towing And T. Smith & Son Sold To New Owners

James E. Smith, president and chief executive officer of T. Smith & Son, Inc., and New Orleans investor W.K. McWilliams Jr.

announced recently that a private company owned by Mr. McWilliams, James R. MofTett, William A. Hines, John G. Amato, and their families, have agreed to purchase the New Orleans stevedoring firm T. Smith & Son, Inc., its principal affiliate Crescent Towing & Salvage Company, Inc., and their affiliated port service companies. Mr. Smith will continue as chief executive officer of T.

Smith and Crescent.

Mr. Smith said: "The purchase will mean added financial and operating strength for the T. Smith and Crescent Companies that are already the largest serving the New Orleans port complex. We look forward to enhancing our leadership position by continuing our programs of derrick and tug fleet expansion and modernization." T. Smith & Son is New Orleans's largest independent stevedoring contractor, with 10 heavy-lift derrick barges, terminal operations, and mooring service. The company has been in business f o r more than 95 years.

Crescent Towing & Salvage operates 20 harbor tugboats in New Orleans, Baton Rouge, and Mobile. Over the past 10 years, T. Smith has added eight new heavy-lift derricks, and Crescent has increased its fleet from eight to 20 harbor tugs.

Other stories from November 1980 issue


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