Tickers featured: AA, ABFS, ACLI, BNI, CHRW, CNW, CP, CSX, EAGL, EXPD, FDX, FWRD, GWR, HTLD, JBHT, KEX
, LSTR, NSC, ODFL, PL, R, RRA, SCST, SWFT, TP, UPS, UTIW, WERN.
The vertical offset KEX
association with partial reinforcement and the KEX
thrust element as the last "brick" below the ceiling leads to a ductile brick masonry, which meets the requirements for earthquake resistance.
Tickers featured: CBI, ECOL, EME, FIX, HVAC, JEC, KEX
, LNG, NCS, SGR, TYL, WGII.
CHICAGO -- Fitch Ratings has affirmed the ratings of Kirby Corporation (KEX
) following its announcement that KEX
will acquire K-Sea Transportation Partners (K-Sea).
Tickers featured: ARG, AW, EVG, GD, JOSB, KEX
, LPX, MINI, OSK, SLVN, SYD, TBI, VNX.
21, 2011, KEX announced that it planned to acquire United Holdings for $270 million in cash (before post-closing adjustments) and an earn-out provision that could result in up to an additional $50 million payment in 2014.
The planned acquisition is the largest that KEX has undertaken since its $321 million acquisition of Hollywood Marine in 1999.
However, with the estimated cash balance of $150 million following the closing of the Enterprise Marine Services acquisition, KEX is expected to have sufficient cash on hand to fund up to half or more of the United Holdings purchase, reducing the required amount of credit facility borrowings.
With the acquisition, KEX will be able to combine its existing offshore services with onshore offerings that will grow its service footprint and the range of its service offerings.
Following the amendment of its revolving credit facility in November 2010, which now comes due in late 2015, KEX has no significant debt obligations until its $200 million of senior unsecured notes come due in February 2013.
Here is a synopsis of why KEX
and AVID have a Zacks Rank of #5 (Strong Sell) and should most likely be sold or avoided for the next one to three months.