MONTRÉAL, QUÉBEC--(Marketwire - Aug. 9, 2012) - Logistec Corporation ("Logistec") (TSX:LGT.A)(TSX:LGT.B), a marine and environmental services provider, today announced that it has acquired, through its wholly owned subsidiary, Logistec USA Inc., 100% of the issued and outstanding shares of CrossGlobe Transport, Ltd. ("CrossGlobe"), for approximately US$16 million, which are drawn from Logistec's existing credit facilities.
CrossGlobe provides port logistics services for forest products, auto parts and other cargoes in three terminals in the Port of Virginia and also operates an off-dock facility. Services include container stuffing and destuffing, warehousing and distribution, and other value-added services to its industrial customers.
"CrossGlobe's operations are a natural fit to Logistec's network of terminals as they extend not only our footprint to ports in Virginia, but also provide an increased scope of services to our industrial market," commented Madeleine Paquin, President and Chief Executive Officer of Logistec Corporation.
Logistec Corporation is based in Montréal (QC) and provides specialized services to the marine community and industrial companies in the areas of bulk, break-bulk and container cargo handling in 24 ports in Eastern Canada, the Great Lakes and the U.S. East Coast. Logistec also offers marine transportation services geared primarily to the Arctic coastal trade, short-line rail transportation services, as well as marine agency services to foreign shipowners and operators serving the Canadian market. Furthermore, the Company operates in the environmental sector where it provides services to industrial companies and municipalities for the trenchless structural rehabilitation of underground water mains, PCB management, site remediation, risk assessment, and woven-hose manufacturing.
The Company has been profitable and has paid regular dividends since becoming public and payments have grown steadily over the years. A public company since 1969, Logistec's shares are listed on the Toronto Stock Exchange under the ticker symbols LGT.A and LGT.B. More information can be obtained at the Company's website at www.logistec.com.