Amherst Madison Acquires O-Kan Marine Repair
The Waterways Journal
28 March 2016
By David Murray
Amherst Madison Inc. announced March 23 that it has signed a
definitive agreement to acquire the assets of O-Kan Marine Repair
Inc.
Amherst Madison (originally founded as Madison Coal & Supply
Company) is a family-operation that provides a wide variety of
marine services, including towing services, terminal and marine
construction, marine repair and equipment rental.
The Hall family bought the O-Kan operation in the early 1980s;
current president Chris Preston is married to the youngest Hall
daughter.
The acquisition will double the capacity of Amherst’s existing
shipyard and will create a full-service shipyard with four
drydocks, machine shop, fabricating shop, mechanic shop, material
re-handling and barge cleaning docks.
The two companies have long been neighbors. Amherst Madison’s
facility at the mouth of the Kanawha River was about a mile
upriver from O-Kan’s facility at Ohio River Mile 266. Preston told
The Waterways Journal, “We’ve known each other for years. We never
viewed them as our competitor; we were more like neighbors who
helped each other out.”
Robert McCoy, executive vice president and chief operating officer
of Amherst Madison, said the word “synergy” applies here. “We have
specialized mostly in vessel construction and repair, while O-Kan
focuses more on barges and equipment,” he said.
Following the closing of the transaction, expected in “a few
weeks” from the date of the announcement, the company will
continue operations as Amherst Madison Marine Repair, according to
McCoy.
McCoy told The Waterways Journal that all 23 O-Kan employees had
been offered employment with the new company. Preston said taking
care of the employees was a key consideration in the sale.
“Retaining the people was more important than the physical
assets,” said McCoy. “Both companies share a strong reputation and
common operating philosophy as well as expertise in both vessel
and barge services.”