Cast Acquires Seatrain Facilities In Europe And North America
E u r o c a n a d i a n Shipholdings Limited of Bermuda, and Seatrain Lines, Inc. of New York have concluded an agreement whereby Eurocanadian's Cast Containers Organization will take over 20 Seatrain offices in North America and Europe. As part of the arrangement, Cast has offered employment to about 200 of Seatrain's executives and staff who have been affected by the closure of Seatrain's North Atlantic Container Service.
Eurocanadian will pay Seatrain a consideration of $5 million for the acquisition, which will include 2,000 TEUs of 40-foot containers. Cast's network of offices in North America now includes Montreal, T o r o n t o , W i n d s o r , New York, Detroit, Chicago, Minneapolis, St. Louis, Cleveland, Rochester, Cincinnati, Secaucus, Boston, and Philadelphia. In Europe, the Cast network includes Antwerp, Rotterdam, Hamburg, Bremen, D u s s e l d o r f , F r a n k f u r t, S t u t t g a r t , F r i b o u r g (Switzerland), Paris, Lyon, Strasbourg, Le Havre, London, and Birmingham. The men and women who joined Cast from Seatrain will be working on Cast's recently announced expansion program which provides for the doubling of North Atlantic container capacity over the next two years. This includes the introduction of six new ships, now building in Yugoslavia and Korea, claimed by Cast to be the world's most fuel-efficient container carriers. Cast is also expanding and modernizing its fleet of containers, as well as its truck fleets on both continents and its terminals.
Cast operates the Blue Box System on the North Atlantic using the Canadian port of Montreal, and A n t w e r p , Belgium, which are the focal container distribution points for inland movements completing the total houseto- house container service.
Seatrain Lines is engaged in the containership business in the Pacific, Latin America, the Mediterranean, and the Mideast. The company also operates a fleet of tankers, a refinery in Texas, and has other investments in the energy business.