U.S. Xpress buys stake in Arnold Transportation
CHATTANOOGA, Tenn. (Oct. 22, 2004) — U.S. Xpress Enterprises has agreed to purchase a 49 per cent stake in Jacksonville, Fla.-based truckload carrier Arnold Transportation.
Arnold’s current management will retain 51 per cent ownership and control the board of directors. Mike Walters will remain Arnold’s CEO. Arnold is one of the U.S.’s 100 largest trucking companies.
Arnold expected revenue for 2004 to total about $195 million and has about 900 company tractors, 520 tractors provided by owner-operators and 4,050 trailers.
The deal is expected to close by the end of November.
U.S. Xpress would have a three-year option to purchase a larger stake in Arnold, but after three years, Arnold’s management group would have a similar option to buy out U.S. Xpress’ interest.
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