Marine Terminals Corp. sold to AIG PDF Print E-mail
Wednesday, 09 May 2007

JoC Online
Wednesday, May 09, 2007
By: Bill Mongelluzzo / The JOURNAL of COMMERCE ONLINE

AIG Global Investment Group on Wednesday announced an agreement to purchase Marine Terminals Corp., one of the few remaining independent port terminal operators in the United States.

The purchase price was not disclosed. The deal is expected to close in the third quarter of this year.

Highstar Holdings III Inc., a subsidiary of AIG Highstar Capital, will purchase 100 percent of privately-held MTC Holdings from Christopher Redlich Jr., whose grandfather founded the San Francisco-based company in 1932.

New York-based insurer AIG recently completed the purchase of the former P&O port properties in the United States from DP World, now renamed Ports America. Most of those marine terminals are on the East and Gulf coasts. The MTC purchase will give AIG a strong presence on the West Coast.

Marine Terminals provides stevedoring, terminal operating and logistics services at 32 locations. Its largest operations are in Los Angeles-Long Beach, Oakland, Seattle-Tacoma and Portland, Ore.

Steamship customers at its facilities include Evergreen Line, Hanjin Shipping, Yang Ming Line and China Ocean Shipping Co. The company also has operations in Savannah and Baltimore on the East Coast.

Chief Executive Doug Tilden and the current management team will continue with MTC following the purchase, AIG stated in a press release.

Steve Lautsch, executive vice president of Marine Terminals, said the company has aggressive growth plans in both the domestic and international markets, and the financial backing provided by AIG will allow it to pursue those plans.

Many of the West Coast marine terminal operators today are subsidiaries of global shipping lines. Marine Terminals and SSA Marine of Seattle are the two largest remaining independent terminal operators.

Last Updated ( Thursday, 19 July 2007 )
 
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