Posts Categorized: International Shipping
Employee celebrations mark Tropical Shipping joining Saltchuk family of companies
September 19, 2014
Palm Beach, Florida – Steel drums and a traditional Bahamian Junkanoo dance troop entertained a crowd of more than 325 Tropical Shipping employees as they celebrated the 51-year old company and its subsidiaries officially joining the Saltchuk family of companies, the sale was finalized September 2.
Tropical Shipping employees celebrated the closing of the sale of the 51-year old company and its subsidiaries to Saltchuk Resources.
Three gatherings were held last week in Palm Beach and Miami, bringing together more than 550 of the company’s 1,000 employees. “It was important that this be about our employees. It was an opportunity for them to meet our new owners and to celebrate this next chapter in our company’s story,” said Mark Chapman, Tropical’s Vice President of Organizational Support .
Tropical Shipping CEO Rick Murrell, who has been with the company more than 40 years, shared enthusiasm for the transaction that brought Tropical and Saltchuk together.
“We have known about the Saltchuk organization for many years and have always believed we would make a great team. Now it is a reality,” wrote Murrell in an email to employees. “I believe this is a historical moment for Tropical Shipping. Furthermore, I can’t express enough gratitude to the AGL leadership and organization for their stewardship and thoughtfulness in positioning Tropical and its employees for a long and successful future.”
Saltchuk, a family of nationally recognized transportation and distribution companies, welcomed Tropical as its sixth business unit. Tropical, along with its sister companies TOTE, Foss, North Star Petroleum, Northern Aviation Services and Interstate Distributor, brings Saltchuk’s portfolio to nearly $3 billion in annual sales and more than 7,500 employees nationwide.
Tropical CEO Rick Murrell presents a scale model of the company’s flagship, the Tropic Unity, to Saltchuk primary shareholders Nicole Engle and Denise Tabbutt, Saltchuk Chairman Mark Tabbutt and President Tim Engle (not pictured).
Denise Tabbutt, one of the three sisters who are primary shareholders of Saltchuk welcomed employees. “My sisters and I are so proud to welcome you to the Saltchuk family. I have never met more enthusiastic and happy people. You are an inspiration to us,” she said. “Thank you for everything you do to make Tropical such an amazing company.”
While the ownership transition is a significant event, the company doesn’t expect any change in day-to-day operations of the Caribbean Shipping Line.
“Today we celebrate, and tomorrow it’s business as usual,” said Murrell. “We will continue to serve our customers with the best service possible and will begin planning for a future supported by a parent company which brings a broader scope of opportunity to serve our customers. We are excited to learn from our sister companies who are implementing LNG (liquefied natural gas) as a transportation fuel. We believe there’s great things ahead for Tropical.”
AGL Resources Closes Sale of Tropical Shipping to Saltchuk
September 2, 2014
ATLANTA- AGL Resources Inc. (NYSE: GAS) today announced it has closed the sale of its Tropical Shipping and Seven Seas Insurance businesses to a subsidiary of Seattle-based Saltchuk Resources, Inc.. As a result of the sale, AGL Resources received approximately $220 million in after-tax net proceeds and repatriated cash, subject to certain post-closing adjustments.
“We are excited to close this important transaction, and to further simplify our business to focus on our core competencies,” said Andrew W. Evans, executive vice president and chief financial officer of AGL Resources. “We have worked to be good stewards of the Tropical Shipping business, and have significant confidence in the management team in place. Further, we believe that Saltchuk represents the best ultimate owner to ensure that Tropical’s markets are served responsibly. We will greatly miss our interaction with all individuals involved but believe that we have served all constituents well.”
Saltchuk Announces Acquisition of Tropical Shipping
April 7, 2014
A subsidiary of Saltchuk Resources, one of the nation’s leading transportation and petroleum distribution companies, has entered into a binding purchase & sale agreement to acquire Tropical Shipping and its related companies.
The acquisition includes the premier shipping and logistics company for the Bahamas and Caribbean, Tropical Shipping and all of its related transportation, consolidation and cargo insurance companies. As an international foreign flagged shipping and logistics operation, Tropical and its related companies will become Saltchuk’s sixth line of business. Tropical will continue to operate as a standalone operation.
The addition of Tropical Shipping to the Saltchuk family of companies furthers the company’s commitment to the Caribbean market. For fifteen years Saltchuk has been serving the people of Puerto Rico through Sea Star Line, its U.S. flag operation. Tropical’s foreign flag fleet provides service to the balance of the region.
With the addition of Tropical, Saltchuk will employ 7,500 people nationwide. The company was recently named one of the 2014 World’s Most Ethical Companies by the Ethisphere Institute.
“Most importantly, Tropical shares our values. The Company has a strong safety culture, has the best on time service in its region, and is committed to giving back to the communities which it serves,” said Saltchuk Chairman Mark Tabbutt and President Tim Engle in an announcement to employees. “All of the traits that make our other companies so strong can be found also at Tropical.”
The sale is expected to close within the next 90 days.