Logistics Management & Distribution Report, July 1st, 2000
Yet another U.S.-flag ocean carrier has been bought by foreign interests. Dutch/British carrier P & O Nedlloyd, one of the world's largest ocean carriers, announced last month that it had purchased Farrell Lines Inc. The deal is subject to approval by the U.S. Maritime Administration.
New York-based Farrell Lines was founded in 1925 by brothers John and James Farrell, and had been family-owned until now. After some tough times in the 1980s, the privately held line reportedly has been profitable for the last 10 years. The carrier is a shadow of its former self, however: It operates just five...
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