Quebec's TransForce Inc. to acquire U.S.-based Transport America for US$310M
MONTREAL - Trucking and delivery company TransForce Inc. says it has a US$310-million deal to buy Minnesota-based Transport America, Inc., which offers transportation services across the United States.
Transforce (TSX:TFI) says the acquisition is expected to generate annual revenues of about US$350 million for the Quebec company and will add to its operations in the U.S.
The company says the agreement with Goldner Hawn Johnson & Morrison Inc. to acquire Transport America should close at the end of June.
Transport America operates about 1,500 tractors and about 4,400 trailers and its network includes 12 terminals located throughout the United States.
Montreal-area Transforce has operations throughout Canada and in the United States.
It offers package and courier services, trucking services and specialized services including waste management.
"Transport America is an efficient, well-managed company that generates solid operating margins," Transforce chairman, president and CEO Alain Bedard said in a news release on Monday.
"We expect this transaction to be immediately accretive to earnings and to provide a sound return on investment to the benefit of our shareholders," Bedard said.
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