Kirby history

Peterkin's involvement in the barge business reached back to 1948, when his father and uncle, who also controlled Kirby, invested in Dixie Carriers.

Kirby’s stock first publicly traded in 1956 following a merger with Kirby VenSyn Petroleum Co.

Kirby entered the marine transportation business in 1969 with the acquisition of Dixie Carriers, Inc.

Kirby Exploration Company became publicly owned on September 30, 1976 when its common stock was distributed pro rata to the former Kirby Industries stockholders.

The company's oil and gas business was sagging, however, and in 1980 the company agreed to merge with a company to be formed by the New York investment firm Kohlberg, Kravis, Roberts & Company.

In 1982, the oil and gas units operating loss jumped to $29 million, sinking Kirby into the red by $15 million on $102 million in revenues.

By 1983, 20 percent of the country's barge fleet were idled.

The Davenport interest was sold to Bank of America in 1984.

Hollywood Marine, like Kirby, had a long history in the inland tank barge business, growing through a series of acquisitions, including Alamo Barge Lines in 1985, as well as through tank barge construction.

That portion of the business was sold to American Exploration Company for $62 million in cash in 1988.

Revenues for 1993 reached $378 million, providing a net income of $22.8 million.

In January 1994, the company attempted to open a new shipping line running from Memphis to Mexico and South America; the company aborted that line in August 1994 in the face of stiff competition.

At the beginning of 1995, the company placed an order for construction of 12 new double-skin inland take barges--double hulls were now required by federal environmental laws.

In 1996, Kirby was forced to idle its AFRAM fleet and began to look into exiting the government/military transport market.

The company significantly expanded its holdings in 1999 with the $322.2 million acquisition of Hollywood Marine Inc., the third-largest inland barge operator in the United States.

The company made another move to strengthen its leading industry position in January 2003 when it purchased the SeaRiver Maritime fleet--Exxon Mobil's United States marine transportation affiliate.