Attached files
| file | filename |
|---|---|
| 8-K - KIRBY CORP 8-K 10-12-2009 - KIRBY CORP | form8k.htm |
Exhibit 99.1
|
KIRBY
CORPORATION
|
Contact: Steve
Holcomb
|
|
713-435-1135
|
FOR IMMEDIATE
RELEASE
C.
BERDON LAWRENCE TO RETIRE AS CHAIRMAN OF THE BOARD OF KIRBY
CORPORATION
Houston, Texas (October 12,
2009) -- Kirby Corporation ("Kirby") (NYSE:KEX) today announced the
retirement of C. Berdon Lawrence, Kirby’s Chairman of the Board, effective April
27, 2010, the date of Kirby’s 2010 Annual Stockholders and Board of Directors
Meetings. Mr. Lawrence has served as Chairman of Kirby since October
1999. He was the founder and former President of Hollywood Marine,
Inc., (“Hollywood”), an inland tank barge company acquired by Kirby on October
12, 1999. Mr. Lawrence will serve as a consultant to Kirby and will
remain on the Kirby Board.
Commenting
on his retirement from Kirby, Mr. Lawrence stated, “Ten years ago on this date,
October 12, 1999, we merged Hollywood with Kirby, combining the United States’
largest and third largest inland tank barge companies, and by all business and
financial measurements, it has been a very successful merger. I have
really enjoyed these last ten years, and as you know the tank barge business has
been my life’s business career. All successful companies must have
effective succession planning, and I see this move as a small part of that very
important process. Kirby has a great future ahead, and I look forward
to staying involved in my new role as a director, consultant and as one of
Kirby’s Chairman Emeritus.”
Commenting
on Mr. Lawrence’s retirement, Joe Pyne, Kirby’s President and Chief Executive
Officer, said, “I have certainly enjoyed working with Berdon over the past ten
years, beginning with the integration of Hollywood into Kirby, and continuing
over the years with Kirby’s strategy of enhancing and growing our core
businesses through synergistic acquisitions, and creating enhanced earnings and
value for our shareholders. Under Berdon’s watch, we have grown our
assets from $753 million in 1999 to $1.5 billion today and our revenues from
$513 million in 2000 to $1.4 billion in 2008.”
Kirby
Corporation, based in Houston, Texas, operates inland tank barges and towing
vessels transporting petrochemicals, black oil products, refined petroleum
products and agricultural chemicals throughout the United States' inland
waterway system. Kirby also owns and operates four ocean-going barge
and tug units transporting dry-bulk commodities in United States coastwise
trade. Through the diesel engine services segment, Kirby provides
after-market service for medium-speed and high-speed diesel engines and
reduction gears used in marine, power generation and railroad
applications.
55 Waugh
Drive Suite 1000 P. O. Box
1745 Houston, Texas
77251 713/435-1000 Fax
713/435-1011
This
press release may contain statements that may be considered to be
forward-looking statements. These statements reflect management’s
reasonable judgement with respect to future events. Forward-looking
statements involve risks and uncertainties. Actual results could
differ materially from those anticipated as a result of various factors,
including cyclical or other downturns in demand, significant pricing
competition, unanticipated additions to industry capacity, changes in the Jones
Act or in U.S. maritime policy and practice, fuel costs, interest rates, weather
conditions, and the timing, magnitude and the number of acquisitions made by
Kirby. Forward-looking statements are based on currently available
information and Kirby assumes no obligation to update such
statements. A list of additional risk factors can be found in Kirby’s
annual report on Form 10-K for the year ended December 31, 2008, filed with the
Securities and Exchange Commission.