Business
ALGOMA CENTRAL CORPORATION Completes Acquisition of Upper Lakes Group Interests in Seaway Marine Transport
Apr. 15, 2011 (Canada NewsWire Group) -- (TSX : ALC) TORONTO, April 15 /CNW/ - Algoma C...
About this update from Algoma Central Corporation
[{"type":"text","content":"\n\n\n Apr. 15, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n(TSX : ALC)\n\n\nTORONTO, April 15 /CNW/ - Algoma Central Corporation ("Algoma")\n (TSX:ALC) announced today that it has completed the previously\n announced acquisition from Upper Lakes Group Inc. ("ULG") of its\n partnership interest in Seaway Marine Transport and related entities\n (collectively, "SMT") along with the vessels and assets owned by ULG\n and its affiliates and used by SMT in its Great Lakes - St. Lawrence\n Waterway dry-bulk freight business.\n\n\nUnder the terms of the transaction, Algoma has acquired 11 vessels\n outright and has acquired ULG's interest in four jointly owned vessels.\n In addition, Algoma acquired ULG's interest in a fifth vessel that is\n currently under construction in China. This vessel, which is expected\n to arrive in Canada in July, 2011, will be named the Algoma Mariner.\n\n\n"This is an historic day for Algoma Central Corporation", said Greg\n Wight, President and CEO of Algoma. "With this acquisition we will\n enhance our focus on our domestic dry-bulk marine transportation\n segment and the very important task of fleet renewal based on the\n recently announced acquisition of new Equinox Class vessels.  We\n welcome the shipboard personnel of the vessels acquired from Upper\n Lakes and the SMT personnel to Algoma as we look to the future with\n great excitement."\n\n\nOne Vision, One Purpose and One Team!\n\n\nAbout ...