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  1. #1
    Taking A Stand!!!

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    Default XPO Logistics Announces $558M Divestiture of American Truckload Operation to TransFor

    This is posted on the IBT but only a small clip of it. When you click onto read the story you can read all of it and I could not get that page link to work so you will have to go through the IBT link.

    XPO Logistics, Inc. (NYSE: XPO) announced that it has completed the sale of its truckload business to TransForce Inc. (TSX: TFI) for approximately $558 million in cash, subject to customary adjustments. XPO will use the proceeds from the transaction to pay down debt.

    The divested truckload operation encompasses approximately 3,000 tractors, 7,500 trailers and 29 locations that were part of the October 2015 acquisition of Con-way Inc. XPO will continue to offer full truckload services to customers in the United States, Mexico and Canada through its extensive brokerage network. XPO is the second largest freight brokerage provider in the world.

    Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said, "TransForce is getting the 19th largest asset-based truckload carrier in the U.S., a highly experienced workforce, and a presence in the cross-border Mexico freight corridor. We divested these assets to concentrate on growing our value to customers in the areas where we're leaders in the industry: contract logistics, truck brokerage, less-than-truckload, last mile, intermodal, drayage, expedite and managed transportation."

    Jacobs continued: "This transaction strengthens our balance sheet and improves our long-term growth profile. In addition to deleveraging, the sale reduces our annual capex requirements, increases our return on capital, and lessens the cyclicality of our operations."
    https://teamster.org/news/2016/10/xp...ion-transforce
    Last edited by ABFwife; 10-30-2016 at 03:49 PM.

  2. #2
    I Am Rocking Now

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    Default Re: XPO Logistics Announces $558M Divestiture of American Truckload Operation to Tran

    CFI Name Returns With TransForce Acquisition - TopNews - Fleet Management - TopNews - TruckingInfo.com

    Longtime employees of TransForce’s new acquisition in Joplin, Mo., are proudly digging out their old CFI shirts, as the company founded in 1951 as Contract Freighters Inc. goes back to its roots and its name under its new ownership.

    Late Thursday, the Canadian-based trucking giant TransForce announced it had bought the former Con-way Truckload business from XPO Logistics for $558 million. It’s the third acquisition for CFI in the past decade. In 2007, CFI was purchased by Con-way and became Con-way Truckload. A little over a year ago, XPO bought Con-way. It looked into selling off the truckload operation, which didn’t fit well into its global logistics business, but decided earlier this year after looking at several offers that it would keep it.

  3. #3
    Steward

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    Default Re: XPO Logistics Announces $558M Divestiture of American Truckload Operation to Tran

    The reason it was sold, there's no money in truckloads...when we were Viking Freight back in the days, Viking sold VFS which was a division of Viking's Truckload.
    Plus we were told not to pick up Straight loads for our pups too, just LTL load...small shipments make more money when you can load a lot of bills into pups.

 

 

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