Seamen withdraw $100 million offer for Oglebay fleet

Saturday, January 14, 2006

Alison Grant

Plain Dealer Reporter

 

A group of merchant seamen who came up with a plan to buy Oglebay Norton Co.'s Great Lakes fleet withdrew its $100 million offer for the boats after learning that another suitor was dangling twice as much money.

 

Robert Woodman, who led the buyout drive, said Friday that Oglebay's sailors sent a letter to company Chief Executive Michael Lundin three weeks ago saying they were bowing out of the competition for one of the last old-line companies in Cleveland's industrial history.

 

http://www.cleveland.com/business/plaindealer/index.ssf?/base/business/113723116975680.xml&coll=2

From the AP, 1/17/06:

 

 

Oglebay shipping out fleet

Company looking to unload 11 Great Lakes freighters, focus on mining, debt relief

By M.R. Kropko

Associated Press

 

CLEVELAND - Oglebay Norton Co., whose ships have sailed the Great Lakes for 80 years, is changing course in a big way and hopes to sell its fleet of 11 freighters.

 

Doing so would allow Oglebay Norton to concentrate on its mineral mining operations and help alleviate some debt, the company has said.

 

http://www.ohio.com/mld/ohio/business/13643300.htm?source=rss&channel=ohio_business

 

From the 1/11/07 Blade:

 

 

PHOTO: The Middletown, left, and the Columbia Star, docked on the Maumee, have been renamed the S.S. American Victory and the M.V. American Century, respectively.  ( THE BLADE )

 

OGLEBAY NORTON

Famous name sails into Toledo history

By HOMER BRICKEY

BLADE SENIOR BUSINESS WRITER

 

After a century and a half, Oglebay Norton Co. is no longer involved in Toledo's seaport.

 

In recent months, the Cleveland firm sold its Summit Street warehouse and its fleet of Great Lakes ships.

 

Aficionados who pride themselves on recognizing freighters around the Port of Toledo will have to learn a new vocabulary.

 

http://www.toledoblade.com/apps/pbcs.dll/article?AID=/20070111/BUSINESS07/701110365/-1/BUSINESS