CSX to break up Sea-Land
RICHMOND, Va. (March 18) — Sea-Land Service, the largest container-shipping company in North America, will be restructured into three separate businesses by corporate parent CSX Corp. starting in mid-1999.
CSX chairman and CEO John W. Snow said the company will be broken into three lines of business — global container shipping, international terminal operations, and domestic trade. Each of the businesses will display financial results quarterly and report directly to Snow.
Snow said “there is a clear opportunity to unlock more value by running Sea-Land’s three key components as distinct profit centers.”
The three businesses will be headquartered in Charlotte, N.C., where Sea- Land is now based.
Sea-Land serves more than 120 ports in 80 countries and generated 1998 revenue of $3.9 billion US.
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