Ports America sells Lake Charles, La., operations
Ports America Inc. has agreed to sell its stevedoring and terminal operations in Lake Charles, La., to Flanagan Stevedoring Group.
The company will remain intact, but will revert to its former name, Lake Charles Stevedoring Inc.
Lake Charles operations are concentrated in the export of agricultural products, primarily bagged rice. Ports America noted volumes of cargo are very cyclical and are subject to the effects of foreign government restrictions, the U.S. Agency for International Development budget and the impact of genetically modified crop restrictions.
Lake Charles does not fit within the core business sectors of Ports America which are container, roll on/roll off, general cargo and cruise,” said Stephen Edwards, Ports America president and chief executive officer.
He said Flanagan Group would be able to combine operations with its Lake Charles company and provide an efficient and cost effective service.
“We look forward to the opportunity to grow our business in Lake Charles as well as working with the employees of this very fine company,” said Tom Flanagan, president of Flanagan Stevedoring.
The sale is subject to due diligence and is expected to close in November.