NAPERVILLE, Ill. - (Business Wire) Nicor Inc. (NYSE: GAS) announced today that its subsidiary, Birdsall, Inc., has signed a definitive agreement to acquire Miami-based Deluxe Freight, Inc. Terms of the agreement were not announced. Birdsall, Inc. is the parent company of Tropical Shipping, a leading carrier of containerized freight in the Bahamas and Caribbean. Deluxe Freight is the leading non-vessel operating common carrier (NVOCC) into the Cayman Islands, the primary market it has served since 1996. It has built a strong and loyal customer base in the less-than-container load (LCL) and full-container load consolidation segment of the market. Deluxe Freight will remain headquartered in Miami and will operate as a separate brand.
“We have always viewed Deluxe as a premier provider of LCL services with an unmatched commitment to superior and personalized customer service,” said Rick Murrell, Tropical Shipping’s Chairman and President. “Cayman is a key market for Tropical and our most significant in terms of LCL revenue. While the acquisition is small in relation to our total volumes, the Deluxe brand addition expands our service offerings in a market that is important to our long-term success.”
Willie Munoz, President of Deluxe Freight, will remain in his current position. Michael Pellicci, Chief Financial Officer of Tropical Shipping, who is responsible for managing the separate brands, stated, “We are very excited to have Willie committed to lead Deluxe Freight in the same manner he has for over 13 years. Rick and I look forward to partnering with him to grow the Deluxe Freight brand.” Mr. Pellicci added, “After acquiring Caribtrans last year, we believe Deluxe represents a great fit in continuing Tropical’s strategic expansion of our logistic services to benefit our Caribbean customers.”
Nicor Inc. (NYSE: GAS) is a holding company and is a member of the Standard & Poor’s 500 Index. Its primary business is Nicor Gas, one of the nation’s largest natural gas distribution companies. Nicor owns Tropical Shipping, a containerized shipping business serving the Caribbean region and the Bahamas. In addition, the company owns and/or has an equity interest in several energy-related businesses. For more information, visit the Nicor website at www.nicor.com.
Caution Concerning Forward-Looking Statements
This document includes certain forward-looking statements about the expectations of Nicor and its subsidiaries and affiliates. Although Nicor believes these statements are based on reasonable assumptions, actual results may vary materially from stated expectations. Such forward-looking statements may be identified by the use of forward-looking words or phrases such as “anticipate,” “believe,” “expect,” “intend,” “may,” “planned,” “potential,” “should,” “will,” “would,” “project,” “estimate,” “ultimate,” or similar phrases. Actual results may differ materially from those indicated in the company’s forward-looking statements due to the direct or indirect effects of legal contingencies (including litigation) and the resolution of those issues, including the effects of an ICC review, and undue reliance should not be placed on such statements.
Other factors that could cause materially different results include, but are not limited to, weather conditions; natural disasters; natural gas and other fuel prices; fair value accounting adjustments; inventory valuation; health care costs; insurance costs or recoveries; legal costs; borrowing needs; interest rates; credit conditions; economic and market conditions; accidents, leaks, equipment failures, service interruptions, environmental pollution, and other operating risks; tourism and construction in the Bahamas and Caribbean region; energy conservation; legislative and regulatory actions; tax rulings or audit results; asset sales; significant unplanned capital needs; future mercury-related charges or credits; changes in accounting principles, interpretations, methods, judgments or estimates; performance of major customers, transporters, suppliers and contractors; labor relations; and acts of terrorism.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Nicor undertakes no obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date of this release.
Nicor Inc.
Kary Brunner, re: N-1020
630 388-2529
