CSX WORLD TERMINALS BUYS STAKE IN PUERTO CABELLO TERMINAL

CSX WORLD TERMINALS BUYS STAKE IN PUERTO CABELLO TERMINAL

   CSX World Terminals is acquiring a 50-percent stake in Terminal Port Services, C.A., of Puerto Cabello, Venezuela, from Venezuelan transport company H.L. Boulton    & Co.

   Under the agreement, H.L. Boulton    & Co. will reduce its ownership of the terminal operating company from 100 percent to 50 percent.

   The company will be renamed CSX World Terminals Boulton Puerto Cabello. CSX World Terminals said that it will oversee the management of the container facility under the direction of Curtis Foltz, vice president of Latin America for CSX World Terminals.

   CSX World Terminals said that Terminal Port Services is “currently ranked as the top terminal service provider in Venezuela with the highest level of marine productivity averaging 25 crane moves per hour.”

   Elsewhere in Latin America, CSX World Terminals is building a terminal on the Caucedo peninsula of the Dominican Republic. The facility is scheduled to begin operations in 2003.