Rand Completes American Steamship Acquisition
New Jersey-based Rand Logistics said Thursday it has completed its $260 million acquisition of rival Great Lakes shipping company American Steamship Company (ASC) from GATX Corporation.
The combination of Rand and ASC moves almost 50 million tons annually of dry bulk commodities such as iron ore, coal and limestone on vessels ranging in size from 634 feet to over 1,000 feet, the company said.
"This transaction is a game-changer for both Rand and our customers. Our combined 24-vessel fleet gives us the capability to meet almost every type of dry bulk transportation need on the Great Lakes," said Peter Coxon, Chief Executive Officer of Rand, a portfolio company of American Industrial Partners.
Coxon said benefits for customers will include increased overall transportation capacity and greater number of loading opportunities. He added vendors will benefit from the consolidation of tens of millions of dollars of operating and capital spending each year.
