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.”> Back to News