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Navios Maritime Holdings Inc. Launches South
American Logistics Business
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PIRAEUS, Greece, Jan. 3 /PRNewswire-FirstCall/
-- Navios Maritime Holdings Inc. ("Navios")
(NYSE: NM), a large, global, vertically
integrated seaborne shipping company, announced
today that it has formed a South American
logistics business through the combination of
its existing port operations with the barge and
upriver port businesses operated by the Horamar
Group. The combined entity has been named
Navios South American Logistics Inc. ("NSALI").
Ms. Angeliki Frangou, Chairman and CEO of Navios
and Chairman of NSALI, stated, "We are delighted
to announce the formation of an end-to-end
logistics business which leverages Navios'
transshipment
facility in Uruguay with an
upriver port facility in Paraguay and dry and
wet barge capacity. This transaction marks
the successful conclusion of an effort we
commenced in June 2006, when we announced that
Navios intended to develop a South American
logistics business. Since then, we have studied
the market, met with key players and considered
a number of opportunities. Today, we are
pleased with the business partnership we have
formed with the Lopez family, the principal
shareholders of Horamar. We believe that by
blending our businesses, we will develop the
critical mass necessary for us to become a
significant regional player."
Ms. Frangou continued: "Since we commenced our
review, the underlying business fundamentals
have continued to strengthen. We plan to grow
the combined business by capitalizing on the
region's growing agricultural and mineral
commodity exports through the significant cost
advantage river transport offers compared to
alternatives along with our proprietary port and
related infrastructure."
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