Savage Inland Marine, LLC, a subsidiary of Savage Companies, (Savage) has agreed to purchase marine assets from Settoon Towing, LLC’s (Settoon) liquid bulk division that include 35 towboats and 63 liquid tank barges, with a total capacity of nearly 2 million bbls. The purchase does not include Settoon Towing’s gathering and storage and logistics and vessel management business lines.
Savage Inland Marine will use the marine assets to transport a variety of liquid products on the Intracoastal and inland waterways, operating out of south Louisiana. As part of the agreement, Savage Inland Marine expects to hire approximately 250 current Settoon employees.
“These strategic assets will strengthen our ability to serve customers in the inland waterway. We look forward to welcoming the Settoon employees involved in this business segment as Savage Team Members,” said Kirk Aubry, Savage President and Chief Executive Officer. “During a brief transitional period, we will be working closely with Settoon under an operating agreement that will ensure a seamless transition for the customers we serve. Marine transportation continues to be among the lowest-cost and safest methods for moving freight,” said Aubry. “With the country’s petrochemical renaissance, and expansion of refineries and other facilities along the Intracoastal and inland waterways, we see a bright future for barge transportation in the Gulf Coast and beyond.”
In addition to its marine capabilities, Savage provides other supply chain and industrial services in the Gulf Coast region that include rail and refinery services; terminal operations; transloading; and truck transportation. Savage is committed to operating safely and responsibly, and has received recognition from numerous customers and organisations for its safety performance and programmes.
Read the article online at: https://www.tanksterminals.com/storage-tanks/08022017/savage-acquires-assets/