Nicor parent aims to expand shipping, other retail businesses

Naperville-based Nicor Inc., the holding company for Nicor Gas and Tropical Shipping, said Thursday it aims to expand its Caribbean shipping business with more acquisitions and to expand its other retail companies by reaching out of state.

Nicor CEO Russ M. Strobel said in prepared remarks that Tropical Shipping will continue to seek out companies to acquire within its service area in the Caribbean and the Bahamas. Tropical already has acquired Caribtrans Inc. and Deluxe Freight Inc. in recent years.

"We will continue to focus on efforts to minimize the impact of this economic downturn, and to improve our service delivery and asset utilization," Strobel said.

Strobel addressed shareholders at Nicor's annual meeting held in downtown Chicago and told them about the progress of Nicor Gas, Tropical and some unregulated retail businesses.

Strobel said that Nicor's Other Energy Ventures could continue to grow each of its two so-called platforms: Retail Energy Services and Wholesale Energy Services.

"Our retail energy services businesses are continuing to expand into new geographic territories, and are simultaneously developing additional marketing channels through strategic alliances and utility partnerships," Strobel said.

He said they also will expand this year by increasing its customer and asset base.

"We are also developing new storage facilities that we can market and manage with our Hub services' expertise, such as the Central Valley Gas Storage project in Northern California," he said.

Nicor spokeswoman Annette Martinez declined to say exactly where or when these companies will expand.

But last year, they launched a new brand under Nicor National to help position them for expansion into other states, she said.