May 31, 2005 8:30 AM, EDT

Vitran Acquires Regional LTL Carrier; Raises Outlook

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itran Corp. said Tuesday it acquired Chris Truck Line, a regional less-than-truckload carrier based in Wichita, Kan., for $29.3 million.

Vitran also said it was increasing its 2005 earnings outlook to $1.35 to $1.47, from a previous $1.23 to $1.35 per share.

Vitran said it would pay for the company with $2.8 million in Vitran stock and $26.5 million in cash.

For the 12 months ended March 31, Chris Truck Line generated $28.9 million, with income of $4.6 million, Vitran said in a statement.

Toronto-based Vitran is ranked No. 56 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.