HOUSTON, April 15, 2011 /PRNewswire/ -- Kirby Corporation
("Kirby") (NYSE: KEX) announced today the completion of the
purchase of United Holdings LLC ("United"), a distributor and
service provider of engine and transmission related products for
the oil and gas services, power generation and transportation
industries, and manufacturer of oilfield service equipment. The
base purchase price was $270 million
in cash, before post-closing adjustments. The purchase was
financed using Kirby's existing cash and revolving credit facility.
United, headquartered in Oklahoma
City, Oklahoma with 21 locations across 13 states,
distributes and services equipment and parts for Allison
Transmission, MTU Detroit Diesel Engines, Daimler Trucks NA, and
other diesel and natural gas engines. United also
manufactures oilfield service equipment, including hydraulic
fracturing equipment. United's principal customers are
oilfield service companies, oil and gas operators and producers,
compression service companies and transportation companies.
Kirby Corporation, based in Houston,
Texas, is in the marine transportation business, principally
operating inland tank barges and towing vessels, and transporting
petrochemicals, black oil products, refined petroleum products and
agricultural chemicals throughout the
United States inland waterway system. Through the
diesel engine services segment, Kirby provides after-market service
for medium-speed and high-speed diesel engines and reduction gears
used in marine, power generation and railroad applications, and
distributes and services high-speed diesel engines, transmissions,
pumps and compression products and manufactures oilfield service
equipment, including hydraulic fracturing equipment, for land-based
pressure pumping and oilfield services markets.
Statements contained in this press release with respect to the
future are forward-looking statements. These statements
reflect management's reasonable judgment with respect to future
events. Forward-looking statements involve risks and
uncertainties. Actual results could differ materially from
those anticipated as a result of various factors, including
cyclical or other downturns in demand, significant pricing
competition, unanticipated additions to industry capacity, changes
in the Jones Act or in U.S. maritime policy and practice, fuel
costs, interest rates, weather conditions, and timing, magnitude
and number of acquisitions made by Kirby. Forward-looking
statements are based on currently available information and Kirby
assumes no obligation to update such statements. A list of
additional risk factors can be found in Kirby's annual report on
Form 10-K for the year ended December 31,
2010, filed with the Securities and Exchange Commission.
SOURCE Kirby Corporation