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Roadrunner Transportation Systems Inc. announced the sale of its flatbed business unit for $30 million in cash, subject to customary purchase price and working capital adjustments.
The Downers Grove Ill.-based company did not immediately disclose the buyer.
The flatbed unit operates as D&E Transport based in Clearwater, Minn., and provides flatbed service to a broad range of customers in the industrial, agriculture and general freight markets. The business had revenue of more than $50 million for the 12 months ended Sept. 30 and was part of the company’s Truckload segment.
“The divestiture of the flatbed business unit is another step forward in our strategy to simplify our portfolio by focusing on our value-added logistics and asset-light LTL segments,” CEO Curt Stoelting said.
The company reported it used the proceeds from the sale to repay finance leases and debt, and pay transaction costs, with the remaining amount available for general corporate purposes.
In June, its Roadrunner Intermodal Services unit announced the acquisition of more than 60 new tractors to better serve shippers who use major U.S. ports and railway hubs. — Transport Topics
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