SEA-LAND STUDIES THREE-WAY SPLIT OF COMPANY
Sea-Land has confirmed that the long-rumored breakup of the company into
three parts — terminals, U.S. domestic shipping, and international
shipping — is being considered.
John Clancey, chief executive of the CSX Corp. subsidiary, said in an
e-mail message to managers that the company is "evaluating a new structure."
He said the evaluation should be completed in the next 90 days, and that
the three-way division "looks very promising." The proposal grew out of a
study by an internal group at Sea-Land.
The e-mail message did not mention the possibility of a sale of Sea-Land.
Separately, CSX has agreed to sell the Grand Teton Lodge Co. to Vail
Resorts Inc. for $50 million. CSX said Grand Teton wasn’t part of its core
business.