American Electric Power, a utility company based in Ohio, announced it has sold its Chesterfield-based barge transport company, AEP River Operations LLC, for $550 million. Indiana-based American Commercial Lines is the buyer in a deal expected to close in the fourth quarter of 2015.
According to AEP River Operations, the company ships close to 45 million tons of products annually by inland barge, including 10 million tons of coal.
AEP River Operations made $700 million in revenue and $49 million in profit in 2014. Current American Commercial Lines chief executive Mark Knoy previously ran AEP River Operations for 10 years.