Trailer Bridge proposes to buy K. Corp. for $32 million
Trailer Bridge Inc., a provider of integrated trucking and marine freight services between the lower 48 U.S. states and Puerto Rico, has entered into an agreement to purchase Kadampanattu Corp., known as K Corp., which owns two 736-foot, triple-deck roll-on/roll-off barges, each with a capacity equal to 405 53-foot trailer units.
'Completion of the transaction is subject to Trailer Bridge obtaining sufficient financing and the consent of various parties,' Trailer Bridge said in a statement.
Under the agreement with K-Corp, 'Trailer Bridge will need to close on the transaction by the end of the year ' If that is not the case and if the agreement is not extended, it will expire by its terms with no obligation or penalty to either party,' explained Trailer Bridge, which is based in Jacksonville, Fla.
Kadampanattu Corp. is wholly owned by the estate of Malcom P. McLean, founder of Trailer Bridge.