HOEGH AGREES NOT TO COMPETE WITH LAURITZEN FOR REEFER CARGOES
Leif Hoegh & Co., Oslo has agreed not to compete with the carrier J. Lauritzen, Copenhagen, until July 1, 2003 for the transportation of refrigerated cargo.
The agreement, which is awaiting action by the Federal Maritime Commission, is ancillary to the purchase of Cool Carriers, a former Hoegh subsidiary, by Lauritzen.
Hoegh also agreed not to approach employees of Cool Carriers with offers of employment until Jan. 1, 2004.
The FMC is in the process of evaluating the agreement to determine what effects it will have on prices and services.
The parties hope to put the agreement into effect by March 30.