INDIANAPOLIS, IN – The Celadon Group has sold all the assets in its flatbed trucking division to PS Logistics.
The company announced the completion of the disposition of assets Sept. 18, as part of a strategic plan to concentrate resources on other business lines and boost returns.
Assets included in the transaction were primarily leased and owned trailers, which were sold in exchange for an assumption or satisfaction of the lease obligations and cash, Celadon said. It is also entitled to post-closing goodwill payments.
With the acquisition of the equipment, PS Logistics is also assuming the contracts covering up to 100 independent contractor flatbed drivers, hiring some flatbed company drivers and operations employees, and also assuming certain customer contracts associated with the flatbed division.
“Our new management team determined that we had neither the expertise nor the critical mass to compete in the flatbed sector. Accordingly, we were pleased to offer our people and customers a good home with one of the largest and most successful flatbed operators in the U.S.,” said Celadon’s CEO, Paul Svindland.
Scott Smith, Chief Executive Officer of PS Logistics, said the company was proud to welcome Celadon’s flatbed division to its company.
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