Indiana-based Celadon continued its recent streak of acquisitions by buying a signifiant portion of the assets of YRC Worldwide’s Glen Moore truckload subsidiary.
Specific terms of the agreement were not disclosed. YRC’s Glen Moore unit lost $10.3 million through the first three quarters of 2011, with a 113.4 operating ratio.
“Less-than-truckload shipping is what we do best,” said James Welch, chief executive officer for YRC Worldwide. “Our efforts are precisely focused on regaining the North American market leader position in that segment.”
“This is an exciting opportunity for Celadon,” said Paul Will, vice chairman, president and chief operations officer, Celadon Group. “Glen Moore is recognized as an award-winning truckload service provider with leading edge technologies. Its national, regional and dedicated fleet services augment our existing expertise, adding to our scale and accelerating our growth.”
This fall, Celadon also bought a more than 6% stake in USA Truck and tried to initiate merger talks but was rebuffed by the Arkansas-based carrier.
In addition, Frozen Food Express Industries agreed to sell nearly all of the rolling stock from of its former dry van business to Celadon.
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