Matthew moroun vitran express inc
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Road Haulage Group Quits LTL Business as Logistics Magnate Swoops
NORTH AMERICA – Less than truckload (LTL) road haulage group Vitran Corporation, announced earlier this week that it has entered into an agreement to sell its struggling US LTL business to an unnamed company owned by industry logistics veteran Matthew Moroun.
Matthew moroun vitran express inc
Under the terms of the proposed sale transaction, an entity controlled by Moroun will pay $2 million to acquire 100% of the common stock of the wholly-owned US subsidiary. In addition to this buyout, Vitran received a proposal from shareholder TransForce to acquire all of the issued and outstanding shares of Vitran at a price of $4.50 per share in cash.
As with the sale this week of Bellville International to OIA Global, Vitran’s Canadian interests are excluded from the deal. Speaking about the transaction Vitran's Interim President and Chief Executive Officer William Deluce, said:
"We are pleased to have reached an agreement to sell our U