Old Dominion buys Priority Freight Lines |
|
|
|
Published
:
Tue, 17 Apr 2007 18:53
|
THOMASVILLE, N.C. (AP) - Less-than-truckload carrier Old Dominion Freight Line Inc. said Tuesday it purchased selected assets of Priority Freight Lines, a privately held trucking company based in Sumner, Wash., for an undisclosed amount.Priority Freight reported revenue last year of $17 million. It operates a network of eight owned and leased service centers in Washington, Oregon, Idaho and Utah. Old Dominion said it will operate three of the service centers in Yakima and Pasco, Wash., and Medford, Ore., and consolidate the remainder of Priority Freight's operations with its existing network.Old Dominion Chairman and Chief Executive Earl E. Congdon called Priority Freight 'a well-run company with a strong franchise' and 'an excellent reputation.' He added that the acquisition would allow Old Dominion to launch full-state coverage in Washington.The acquisition includes revenue equipment, accounts receivables, office equipment, technology and one service center facility. The deal is expected to close by the end of April.Shares of Old Dominion rose 50 cents to $30.25 in afternoon trading on the Nasdaq Stock Market.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
Bouygues's Colas could provide freight rail service to third parties next year 