Chromalloy Acquires Flowers Marine Group For About $15 Million
Chromalloy American Corporation, St. Louis, has announced the completion of its acquisition of Flowers Marine Group, Inc., a privately held barge company, from its founder, J. Russell Flowers, for approximately $15 million.
Approximately 70 percent of the purchase price was paid with 400,000 newly issued shares of Chromalloy common stock and the remainder with promissory notes and cash. Chromalloy had 14.7-million common shares outstanding prior to the Flowers Marine Group purchase. The purchase price is subject to adjustment as the result of a closing audit.
Frank P. Nykiel, president and chief executive officer of Chromalloy, said the purchase is in line w i t h C h r o m a l l o y ' s policy of strengthening its main core businesses.
Chromalloy's Inland Marine Group of barge companies comprise the third largest barge system in the United States.
Headquartered in Greenville, Miss., the Flowers Marine Group had gross revenues of about $50 million in 1980. Flowers operates 356 covered and open barges, eight towboats and two tugboats.
Its cargoes consist mostly of grain and coal, and it has a contract to supply substantial tonnages of coal to the Florida Power Company.
Thomas J. Barta, president of Chromalloy's Transport-Marine Group, said the Flowers Marine purchase brings the aggregate carrying capacity of barges operated by Chromalloy to about 1,750,000'tons. J. Russell Flowers, a key individual to barge operations, will j o i n C h r o m a l l o y 's Transport-Marine Group in an executive capacity.
Chromalloy is a multi-industry business with sales of $1.5 billion in 1980 and net earnings of $44.4 million.
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