CSX to Split Sea-Land Into 3 Divisions

CSX Corp. said it will split its Sea-Land Service Inc. business, the biggest U.S. ocean-shipping company, into three units in a move that may make it easier to sell. CSX, which also owns the third-largest U.S. railroad, will separate Sea-Land into a company that handles port business, a domestic shipping company and an international shipper. Richmond, Va.-based CSX is shifting its focus to its railroad. The company is absorbing its purchase of part of Conrail Inc., which it bought with Norfolk Southern Corp. for $10.2 billion. The three businesses will be located in Charlotte, N.C., where Sea-Land is based. Sea-Land serves more than 120 ports in 80 countries and was the first company to start container shipping service across the Atlantic and Pacific. Sea-Land had sales of $3.92 billion in 1998. CSX shares fell 6 cents to close at $39.31.