Gibson Energy Inc. sold Canadian Truck Transportation for C$100 million, the company announced in a news release.
The Calgary, Alberta-based company sold CTT’s assets to Trimac Transportation Ltd. for $70 million, Gibson said, while selling 31 acres of land and an office and shop in Edmonton, Alberta, for $30 million. The sale of land and the office was made to a company affiliated with Trimac, Gibson officials said.
The sale, announced April 2, nearly completes Gibson’s plans to divest itself of trucking assets and focus on its core businesses. The company said it could raise up to $375 million in selling noncore businesses.
Gibson is an oil infrastructure company with principal businesses of storage, processing, and gathering of crude oil and refined products. — Transport Topics