WATERFRONT SERVICES FIRM SOLD TO EMPLOYEES

CAIRO, Ill. -- Waterfront Services Company has been sold to its employees through the formation of an Employee Stock Ownership Plan (ESOP).

The transaction was announced in the July 22 issue of The Waterways Journal Weekly publication.

The ESOP has purchased 100 percent of the corporation stock and will continue to operate the firm, which has been existence here since 1961.

William J. Wolter, who is retiring after 30 years as president and CEO of the company, will devote his time exclusively to Cairo Marine Services, Inc.

Edward M. Smith has assumed duties of trustee of the ESOP and company president. Other officers included Michael D. Cox, vice president of operations and Mary Jane Bruner as vice president of finance and treasurer.

The company is located at the confluence of the Ohio and Mississippi Rivers, and provides the industry with 10 miles of insured fleeting, harbor tugs, barge repair, drydocking, diesel fuel, and cleaning and painting.