Marine Log

June 8, 2006

ACL awarded $11.3 million in state expansion incentives

Now we know why workers at barge builder Jeffboat were putting out bunting yesterday.

Jeffboat's parent American Commercial Lines Inc. (Nasdaq: ACLI) announced today that it has been awarded $11.3 million in state incentives for future expansion that will create up to 1,100 jobs. The economic incentive package includes $11.0 million in tax credits based on job creation and capital investments, as well as $295,000 for the training of new and existing employees over the next three years.

"Obviously, a significant number of those jobs will be in the boat yard," Greg Fitzloff, president of the Southern Indiana Chamber of Commerce, told local media.

Welders and other such industrial jobs will be the primary positions created, he said. Additionally a few administrative and support jobs will be created as well.

American Commercial Lines President and CEO, Mark Holden, stated, "We are thrilled to partner with the State of Indiana in growing American Commercial Lines. We appreciate the Governor's personal involvement in this commitment and the vote of confidence the State of Indiana is giving to our company. American Commercial Lines is focused on building a future as a leading transportation company. This incentive package will help us achieve our goal."

Commenting on the incentive package, Nick Fletcher, Senior Vice President Human Resources stated, "Our partnership with the State of Indiana will allow us to meet our growing employee needs, which in turn, contributes to job growth in Jeffersonville and the State of Indiana. We also appreciate the assistance and support we have received from the Indiana Economic Development Corp. We are truly excited about this incentive package and the impact that it will have on Southern Indiana."