September 6, 2007
ACL to acquire Elliott Bay Design Group
American Commercial Lines Inc. (NASDAQ: ACLI) reports that it has signed an agreement to acquire the assets of Elliott Bay Design Group, Ltd. ("EBDG") a naval architecture and marine engineering firm.
EBDG is located in Seattle, Washington, and has recently opened a second office in New Orleans, Louisiana.
The financial terms of the investment were not disclosed.
As Elliott Bay Design Group LLC, the firm will continue to provide naval architecture, marine engineering and production support to its customers in the commercial marine industry, while providing ACL with capability supporting its transportation and Jeffboat shipyard businesses.
EBDG was formed in 1987 and has grown to more than 60 architects, engineers, designers, and support personnel. Over the last 20 years, EBDG has established itself as an industry leader and an innovative company offering state of the art engineering services backed by extensive experience in vessel design, shipyard level engineering, production planning and quality control.
Commenting on the acquisition, Rich Mitchell, ACL Senior Vice President Corporate Strategy, stated "We are very pleased to add Elliott Bay Design Group LLC's professional design and engineering team to the ACL family. Elliott Bay Design Group LLC will significantly enhance the design of equipment we build and operate in the future and will provide a valuable resource to help our customers solve their transportation issues through new vessel design and engineering."
John Waterhouse, President of EBDG, added "The team at EBDG sees tremendous synergies between our engineering talent and the business resources of ACL. We can expand our ability to deliver high levels of service, offering new tools to improve our clients' operating margins and to reduce environmental impacts."
Mr. Waterhouse, who will serve as the President of the newly formed company, received his B.S. in Mechanical Engineering from U.C. Berkeley, his M.S. in Naval Architecture and Marine Engineering from M.I.T. and is a licensed Professional Engineer in the states of Washington, North Carolina and Louisiana.
The transaction is expected to close in the fourth quarter of 2007.