Transportation and petroleum distribution company Saltchuk Resources has entered into a binding purchase & sale agreement to acquire Tropical Shipping and its related companies. Saltchuk's subsidiaries include Tote and Sea Star.
The acquisition includes the premier shipping and logistics company for the Bahamas and Caribbean, Tropical Shipping and all of its related transportation, consolidation and cargo insurance companies. As an international foreign flagged shipping and logistics operation, Tropical and its related companies will become Saltchuk’s sixth line of business. Tropical will continue to operate as a standalone operation.
The addition of Tropical Shipping to the Saltchuk family of companies furthers the company’s commitment to the Caribbean market. For fifteen years Saltchuk has been serving the people of Puerto Rico through Sea Star Line, its U.S. flag operation. Tropical’s foreign flag fleet provides service to the balance of the region.
With the addition of Tropical, Saltchuk will employ 7,500 people nationwide. The company was recently named one of the 2014 World’s Most Ethical Companies by the Ethisphere Institute.
“Most importantly, Tropical shares our values. The Company has a strong safety culture, has the best on time service in its region, and is committed to giving back to the communities which it serves” said Saltchuk Chairman Mark Tabbutt and President Tim Engle in an announcement to employees. “All of the traits that make our other companies so strong can be found also at Tropical.”
The sale is expected to close within the next 90 days.
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