Dravo Corporation, Pittsburgh, announced recently that it is negotiating a definitive agreement to purchase substantially all of the operating assets of Nilo Barge Line, Inc., a subsidiary of Olin Corporation. Directors of Dravo and Olin have approved a letter agreement outlining terms of the cash transaction, the amount of which was not disclosed. Assets covered would include 180 dry cargo barges, five towboats, a trans-Gulf operation, and related supporting assets.
Robert Dickey III, Dravo chairman and president, said that the proposed acquisition would significantly increase the Pittsburgh-based firm's overall involvement in water transportation. The diversified organization already owns one of the larger barge lines on the Mississippi-Ohio River system, Dravo Mechling Corporation, which operates a fleet of 18 towboats and 575 barges.