Adsteam acquires global presenceNews // June 1, 2001
"All relevant documentation and payment of the $500 million consideration to Howard Smith has been completed," said Adsteam Marine's Managing Director, Mr David Ryan.
The acquisition was concluded following an advice from the Australian Competition and Consumer Commission (ACCC) that it would not intervene in the acquisition.
Adsteam Marine - which now boasts a fleet of 156 tugs worldwide - has previously forecast potential savings of between $3-5 million in the first year of the combined operations.
The acquisition gives Adsteam Marine its first harbour tug presence in key ports throughout the United Kingdom, including: Humber Ports; Medway Ports; Hull; Immingham; Grimsby; Thamesport; Sheerness; Chatham and River Berths; Felixstowe; Liverpool; Harwich; Barrow; Falkland Islands; London; Southampton.