Dravo Corporation of Pittsburgh announced recently that negotiations are underway to acquire the Ryan-Walsh group of companies headquartered in Mobile, Ala. The acquisition, which is subject to approval by directors of both organizations, will be for an undisclosed number of shares of Dravo common stock.
Ryan-Walsh operates bulk terminals and is one of the largest cargo-handling firms on the Gulf and South Atlantic Coasts, with facilities in Mobile, New Orleans, and 10 other ports. It handles both bulk commodities and general cargoes and, through subsidiaries, is also engaged in container leasing and repair, crating, and steamship agency and barge fleeting services. The company reported revenue of $50.6 million in 1979.
Robert Dickey III, Dravo chairman and president, noted that Ryan-Walsh "is well positioned to benefit from the rapidly increasing export market for grain, coal, and other bulk commodities." Additional opportunities, he said, will be created by projected increases in commodity shipments through the Port of Mobile when the Tennessee-Tombigbee Waterway is opened. Ryan-Walsh is the largest independent cargo handler in Mobile.
Mr. Dickey noted that the acquisition of Ryan-Walsh "could lead to operating and marketing synergies with several other Dravo operations." In particular, he cited Dravo's activities in the design and construction of bulk terminal facilities and equipment, and in barge transportation.
Dravo, a highly diversified company with operations throughout the world, is engaged in engineering, construction, manufacturing, natural resources and transportation. Its revenue last year was $992.3 million.