Tidewater Purchases Upriver Equipment From Foss
Purchase agreement transfers select boat and barging assets from Foss to Tidewater VANCOUVER, Wash., April 2, 2008 /PRNewswire/ -- Tidewater Holdings Inc. continues to demonstrate its commitment to the Columbia-Snake River transportation system and the customers and communities served, with today's announcement of a purchase agreement to acquire all upriver equipment from Foss Maritime Company.
"We're excited that Tidewater's 75-year commitment and service continues to expand with added upriver equipment that will complement our current fleet and improve delivery of goods and services region-wide," said Dennis McVicker, Tidewater president and CEO. The purchase, which is expected to be completed within the next two months, includes two tugboats and 20 barges. Tidewater anticipates hiring a portion of Foss's workforce, as appropriate, following a review of the needs of the combined operations.
Tidewater and Foss personnel will work together through the transition to ensure uninterrupted service to the customers served by both companies. Tidewater transports and stores petroleum products, bio-fuels, grain, fertilizer, export and solid waste containers, wood and paper products, and more, to and from the upriver Ports of Lewiston, Id., Pasco, Wash., and Umatilla and Boardman, Ore., as well as numerous grain elevators along the river system. In its ongoing collaboration with EPA, Tidewater continues to be environmental stewards by constantly assessing and upgrading all of its equipment to meet and exceed environmental safety standards. The equipment purchase comes at a time when the Portland metro area's regional planning agency, Metro, is considering Tidewater's bid to transport the area's solid waste by barge to the regional landfill in Gilliam County.
About Tidewater Tidewater Holdings Inc. -- Vancouver, Wash.-based Tidewater Barge Lines and Tidewater Terminal Company, and Troutdale, Ore.-based Sundial Marine Construction and Repair -- was founded in 1932 and is the Pacific Northwest leader in inland marine waterway transport, terminaling and construction. The company employs more than 300 employees in Washington, Oregon and Idaho and its operating area spans 465 miles on the Columbia and Snake River systems -- extending from the inland Port of Lewiston, Idaho, to the Port of Astoria, Ore., on the Pacific Coast. Its product transport includes biofuels, grain, refined petroleum products, containerized solid waste, liquid and dry fertilizers, and a wide variety of containerized freight for export. Tidewater is a member of American Waterways Operators (AWO) and has achieved certification as an AWO Responsible Carrier in recognition of its safety programs and environmental stewardship. For more information visit http://www.tidewater.com/. First Call Analyst:
CONTACT: Madeline Turnock of Hill & Knowlton, +1-503-497-2237, or Web site: http://www.tidewater.com/
2008-04-02 18:15:33 0326915 PRNEWSWIRE
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