Sale Of IOT To Southern Natural Resources Closed —Executives Announced

Southern Natural Resources, Inc. of Birmingham, Ala., has completed the purchase of Interstate and Ocean Transport Company of Philadelphia. Interstate and its affiliates own and operate the largest independent fleet of coastal tank barges and tugs in the United States.

Henry C. Goodrich, chairman and chief executive officer of Southern Natural Resources, and Adrian S. Hooper, chairman and chief executive officer of Interstate, jointly announced the closing.

Terms of the acquisition, as previously announced, call for cash and short-term notes in excess of $100 million.

Mr. Goodrich said that the headquarters of the new wholly owned subsidiary of Southern Natural will remain in Philadelphia.

Mr. Hooper will continue to serve as chairman and chief executive officer of Interstate and Ocean Transport Company, and he has also been elected a vice president of Southern Natural Resources. Mr. Goodrich also said that Stephen A. Van Dyck, formerly executive vice president of Interstate, has been named president and chief operating officer, and John C. Newcomb, formerly secretary, has been named vice president, general counsel, and secretary of the new Southern Natural subsidiary.

Mr. Hooper has held various posts at Interstate since joining the firm in 1950. He became president in 1963 and chairman in 1973. Mr. Van Dyck joined Interstate in 1974, after holding posts in investment banking and electronics manufacturing. Mr. Newcomb joined Interstate as secretary in 1975 from private law practice.

Maritime Reporter Magazine, page 5, Feb 1981

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First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.