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MARITIME SECURITY,
IMPORTANT TWO-DAY CONFERENCE
WASHINGTON MARRIOTT, WASHINGTON, DC
January 30 & 31, 2002


January 28, 2002

Another merger on the waterways
Privately-held Ingram Industries Inc. through its Landgrove Corp. subsidiary has reached an agreement to acquire Midland Enterprises Inc., an inland marine transportation company that includes the Ohio River Company and Orgulf Transport Co., officials announced last week. Ingram Barge Company will continue in its current role and Landgrove Corp. will become a new marine operating unit of the parent company Ingram Industries Inc., said Orrin H. Ingram, President and CEO of Ingram Industries Inc.

"We are pleased to announce that we are making another significant investment in the marine industry," Ingram said. "We have always respected our friends at Midland. They are a fine company, and we look forward to their joining the Ingram family of businesses."

Midland will be acquired from its owner, Eastern Enterprises, a subsidiary of KeySpan Corp. of New York City, in a transaction that is expected to close in the second quarter of 2002, subject to regulatory approvals.

Based in Cincinnati, Ohio, Midland's company history dates back to 1925 with the founding of the Ohio River Company. Today, Midland's fleet includes approximately 2,300 barges and 80 towboats. Midland's river transportation subsidiaries include the Ohio River Company, Orgulf Transport Co., Orsouth Transport Co., and R & W Marine. Together, these companies deliver over 50 million tons of coal, grain, iron, steel, ores and other dry bulk commodities each year.