American Commercial Lines Inc. directors have approved buying as much as $150 million of the company's stock, the Jeffersonville parent of barge builder Jeffboat said today. The move follows a buyback of $200 million of the stock in July.
The company has seen its shares slump to $22 from $39 in February due to weakness in grain prices. In addition to building river barges, the company ships grain.
American Commercial Lines stock also is lagging because the company has paid more overtime to workers as the shipyard ramps up to meet rising demand to replace worn-out barges.
Despite the soft stock, the company is expanding into shipping liquids, petroleum and ethanol. It announced in April that it would open a Houston office to be closer to oil refineries and other customers.
American Commercial Lines generates $940 million in sales and has 2,750 workers.