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Mooremack Announces Plans For Purchase Of Great Lakes Firm James A. Hughes, chairman of the board of Diamond Shamrock Cor- poration, and James R. Barker, chairman and president of Moore and McCormack Co., Inc., have an- nounced that the boards of directors of the two corporations have agreed in principle to the purchase by Moore and McCormack of substantially all of the assets and assumption of sub- stantially all of the liabilities of Pick- ands Mather & Co., a wholly owned subsidiary of Diamond Shamrock. Payment will be made in the form of cash, short term notes and senior preferred stock of Moore and Mc- Cormack in an aggregate amount in excess of $60 million. Detailed contract terms are being negotiated, looking toward a pro- posed closing on or before April 1, 1973. Approval by Moore and Mc- Cormack stockholders will be re- quested as soon as possible. Pickands Mather had operating profits before taxes and corporate overhead allocation of $7,513,000 for the calendar year 1971. Pickands Mather is engaged in exploring for, developing and managing mineral properties, vessel operations on the Great Lakes, limestone production and related activities. It is expected that all Pickands Mather employees will remain in Cleveland in the new Diamond Shamrock building. Moore and McCormack is in the overseas shipping business, serving primarily the South American and African trades and has plans for fu- ture development in which Pickands Mather's capabilities can be utilized. It reported net income of $2,114,000 for the year 1971 on sales of $56,- 386,000. For the first nine months of 1972, reported net income was $4,044,000 on sales of $40,501,000. Newport News Ship Elects John R. Kane VP John R. Kane John R Kane, director of engi- neering at Newport News Ship- building, Newport News, Va., has been elected a vice president of the company. The election was an- nounced by L.C. Ackerman, chair- man of the board and chief execu- tive officer of the Tenneco subsidi- ary. Mr. Kane continues in his pres- ent responsibilities as the yard's top engineer and head of more than 2,600 engineering and design per- sonnel, one of the largest concen- trations in industry. His election, according to Mr. Ackerman, recog- nizes the importance of this re- sponsibility and his contribution to the company. Mr. Kane was recently awarded the David W. Taylor Medal of The Society of Naval Architects and Marine Engineers for "notable achievements in marine engineer- ing." The award cited his pioneer efforts in the first major application of high-pressure high-temperature steam systems and boilers for ship propulsion, the design development and testing of nuclear power plants for submarines and aircraft carri- ers, as well as responsibility for the machinery systems for cargo ves- sels and tankers- Mr. Kane began his employment with the shipyard in 1936 as a draftsman, and in 1951 was ap- pointed engineer of the engineering technical department. Four years later, he was named assistant chief engineer of the machinery design division and was promoted to chief engineer of that division in 1957. He was appointed director of engi- neering in 1966. He received his undergraduate degree in engineering from the University of Michigan and his master's degree from the Massa- chusetts Institute of Technology. New Chartering Firm Opens In New York The opening of a new chartering and ship brokerage firm under the name of H. Meisner Inc., has been announced by the company. The firm is located in Room 227 at 17 Battery Place, New York, N.Y. 10004. The secrets for superiority in corrosion resistance and wettability: There are many reasons. The materials and methods of manufacture in this cargo oil pipe are unique in the world, making the pipe itself a type that can be found nowhere else. Cor rosion resistance has been proven by more than fifteen years of use without replacement. A real record-breaking event. The highest degree of weldabili- ty gives it the greatest facility of use. The material is KCP-3L, a chrome manganese steel especially developed - by Kubota. It is made by Kubota's exclusive centrifugal casting techniques, widely acknowledged to be of the highest technological level. That is why a full 95% of all Japanese tankers use Kubota cargo oil pipe. And shippers around the world are following suit. Write today for full information on how to raise the efficiency of your tanker operations. KUB0TH MRGO OIL PIPE The Basic Necessities Giant KIIB0TR Kubota, Ltd./Iron & Steel Casting Products Sales Dept. Head Office: 22, Funade-cho, 2-chome, Naniwa-ku, Osaka, Japan Phone Osaka (06) 631-1121 Telex 526-7785 KUBOTA J Tokyo Office: 2, Nihonbashi-Muromachi, 3-chome, Chuo-ku, Tokyo, Japan Phone Tokyo (03) 279-2111 Telex 222-3681 KUBOTA J 24 Maritime Reporter/Engineering News
