Logistec Corporation

Logistec Corporation

December 01, 2009 15:36 ET

Logistec Announces the Purchase of Partnership Interest in BalTerm

MONTREAL, QUEBEC--(Marketwire - Dec. 1, 2009) - Logistec USA Inc, a wholly owned subsidiary of Logistec Corporation (TSX:LGT.A)(TSX:LGT.B), is pleased to announce that it has purchased its partner's 50% interest in BalTerm, a Limited Liability Partnership which specializes in handling inbound forest products through several facilities in the Port of Baltimore (MD).

"We are very committed to our customers in the Port of Baltimore and are pleased to have increased our stake in these modern cargo-handling activities. Furthermore, we have seen drastic reductions in exports of forest products over the years, both in Canada and the USA, and are now able to balance this with what we feel will be growing imports, particularly for specialized papers from Northern Europe and South America", said Madeleine Paquin, President & CEO of Logistec Corporation.

It is expected that our local partner, Scott Menzies, will remain involved as exclusive consultant for BalTerm.

About Logistec

Logistec Corporation is based in Montreal (QC) and provides specialized services to the marine community and industrial companies in the areas of container, break-bulk and bulk cargo handling at 23 ports in Eastern Canada, the Great Lakes and the U.S. East Coast, including a short-line railway linked to a coal-handling operation in Cape Breton (NS). Logistec also offers agency services to foreign shipowners and operators serving the Canadian market; as well as marine transportation services geared primarily to the Arctic coastal trade. Furthermore, the Company operates in the environmental sector where it provides services for the trenchless structural rehabilitation of water mains, PCB management, site remediation, risk assessment and fire-hose manufacturing. The Company has been profitable and has paid regular dividends since becoming public and payments have grown steadily over the years.

A public company since 1969, Logistec's shares are listed on the Toronto Stock Exchange under the ticker symbols LGT.A and LGT.B. More information can be obtained at the Company's website at www.logistec.com.

Contact Information

  • Logistec Corporation
    Jean-Claude Dugas CA
    Vice-President, Finance