Lavino Shipping Company, Philadelphia, Pa., announced recently that it had been purchased from E.J. Lavino and Company, its corporate parent, by an investment group represented by the shipping company's current management.
F.H. Muldoon, president of Lavino Shipping Company, will be chairman of the new corporation which will continue to use the Lavino Shipping Company name. Craig N. Johnson, vice president of corporate development, and William J. Neumann, vice president of finance and administration, will maintain their responsibilities and serve as directors of the new organization.
In announcing the purchase, Mr. Muldoon said that "The sale is a positive step for each company. The 61-year operating relationship between E.J. Lavino and Company and Lavino Shipping Company has been positive and profitable. Now both parent and subsidiary will be better able to concentrate on specialized lines of commerce.
"The current transition provides continuity of leadership to Lavino Shipping Company and a guarantee that its reputation for excellent service will be maintained. All current services and facilities of the company are to be continued. The integration of ownership and management will allow Lavino Shipping Company the greatest flexibility to explore all profit opportunities in the specialized transportation and logistics field," Mr. Muldoon stated.
No sales price was disclosed for the transaction. Lavino Shipping Company, founded in Philadelphia in 1920, offers agency, chartering, cargo packing, project marshalling, cartage, stevedoring and terminal operations to shippers, vessel operators, importers and explorers in 14 U.S. cities.