Mullen Transportation acquires sole ownership of Mill Creek
ALDERSYDE, Alta. (Dec. 29) — Mullen Transportation Inc. has bought the 60% of Cambridge, Ont.-based general-freight hauler Mill Creek Inc. it did not already own. The deal is for cash and Mullen Transportation stock.
Mullen Transportation, which operates more than 1000 tractors and 2000 trailers in Canada and the U.S., acquired a 40% interest in Mill Creek on July 30. The two companies since have jointly marketed their trucking and logistics services throughout North America.
Mill Creek, with annual revenues of $60 million, will operate as a wholly owned subsidiary of Mullen Transportation under the leadership of David Hopps, an original shareholder of Mill Creek. Mill Creek founder Phil Henning has left the company but will remain as an advisor to Mill Creek, said Mullen Transportation president and CEO Murray Mullen.
The transaction is scheduled to close Jan. 1, 1999.
Mullen Transportation is a publicly traded company listed on the Toronto Stock Exchange under the symbol “MTL.” It closed trading yesterday at 15 3/4, up 1/4 (+1.61%) on volume of 31,223 shares.
The company manages a network of carrier companies in four divisions — Truckload, Oilfield Services, Specialized Services, and Regional LTL. It is also the single largest transporter of oilfield drilling equipment in Canada.
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