Cincinnati-based Midland Enterprises Inc., the nation's second-largest river barge company, could soon have a new owner.

        Ingram Industries Inc. of Nashville, Tenn., has agreed to buy Midland for $230 million and assume another $135 million in debt, according to officials from its current owner, KeySpan Corp., a New York-based energy company.

        The sale still must pass regulatory muster, and closing is expected sometime next quarter.

        Midland, which operates four subsidiaries including The Ohio River Co., which began in Cincinnati in 1925, employs more than 1,200 nationwide, including about 130 locally. Most of the local employees are dispatchers or administrative staff.

        Midland also owns and operates more than 2,300 barges and 80 boats.

        It will be operated under the Landgrove Corp., a new subsidiary of Ingram, which already has a division that owns and operates 1,800 barges and 62 boats.

        The sale price was provided by KeySpan spokesman Ed Yutkowitz, but Ingram spokesman Keel Hunt would not confirm or deny that figure.

        Mr. Hunt said the individual Midland companies, which include Orgulf Transport Co., Orsouth Transport Co. and R&W Marine, will still be operated separately, possibly in competition with other Ingram companies.

        Mr. Hunt wouldn't comment about potential job losses, but said some administrative redundancies could be removed.

        “All of that is being assessed,” said Mr. Hunt, whose privately-held conglomerate also operates a book distribution company and an insurance company. “However, we do expect that the folks that work on the vessels and most of the shore-side employees will see no change. And we anticipate there still will be a strong presence in Cincinnati.”

        The sale of Midland was not a surprise since the Securities and Exchange Commission ordered KeySpan to sell the barge company three years ago.

        KeySpan picked up Midland when it bought New England energy provider Eastern Enterprises, but federal regulations forbid an energy company from owning any assets that are not essential to its core business.

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