SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 4, 1995
The Midland Company
(Exact Name of registrant as specified in its charter)
Incorporated in Ohio 1-6026 31-0742526
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
537 E. Pete Rose Way, Cincinnati, Ohio 45202
(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including area code (513) 721 -3777
N/A
(Former name or former address, if changed since last report.)
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Item 2. Acquisition or Disposition of Assets.
On December 28, 1994, The Midland Company's wholly owned
subsidiary, M/G Transport Services, Inc. (M/G Transport), sold a portion
of its physical assets to Ingram Ohio Barge Company, a subsidiary of
Ingram Industries of Nashville, Tennessee. M/G Transport sold eight
towboats and 314 barges for approximately $47,000,000. The assets were
sold at a small book profit. As part of the transaction, M/G Transport
exchanged 40 open hopper barges for 40 steel roll top barges previously
owned by the Ingram. The proceeds from the transaction (which have been
paid to M/G Transport on the date of the transaction) have been used to
reduce long and short-term borrowings and to pay approximately
$9,000,000 in federal income taxes deferred from prior years.
As part of the agreement, the purchaser will assume the current
affreightment contracts of M/G Transport which will no longer be
operating boats along the Ohio and Mississippi river systems. M/G
Transport will, however, continue to own four towboats that are
contracted on long term charters and 279 barges. The registrant's River
Transportation division reported revenues of $53,000,000 in 1993, of
which approximately $41,000,000 represent revenues attributable to the
assets sold in the transaction.
There is no material relationship between the purchasers and the
registrant or any of its affiliates, any director or officer of the
registrant, or any associates of any such director or officer.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
The Midland Company
(Registrant)
Date December 28, 1994 By S/ John I. Von Lehman
John I. Von Lehman
Vice President, Treasurer
and Chief Financial Officer
