Clarke in talks to acquire Consolidated Fastfrate
TORONTO (Aug. 14, 2000) — Clarke Inc. says it is in talks to acquire Consolidated Fastfrate Inc., creating a domestic rail freight-forwarding operation with annual sales of more than $200 million. The company expects to reach an agreement by Sept. 30.
Consolidated Fastfrate CEO and president Ron Tepper would oversee the combined operation, which would function as a subsidiary of Clarke. The domestic rail freight-forwarding operations of Clarke Inc. are currently carried on by its Clarke Transport division. It represents 40% of Clarke’s over-all revenue, which totalled $74.9 million in its fiscal first quarter ended June 30, up 9.2%, from 68.6 million in the same period a year earlier.
The company reported net income rose to $2.2 million, or 31 cents a share, from $2.1 million, or 30 cents in the year-earlier period.
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