HUB GROUP TO SELL SHARES IN HUB GROUP DISTRIBUTION SERVICES
Hub Group Inc., the Lombard, Ill.-based intermodal service provider, has signed a letter of intent to sell its interest in Hub Group Distribution Services by the end of the second quarter. Hub Group disclosed no other terms of the sale.
The company said it would use proceeds from the sale “to pay down debt, provide capital for potential acquisitions and fund continued investment in the development of Hub Group's e-business initiatives and systems enhancements.”
Hub Group, a non-asset-based company, provides intermodal, truckload, less-than-truckload, air freight, international and related logistics services. The company has more than 30 offices throughout the United States, Canada, Europe and Mexico. It's 1999 sales totaled $1.3 billion.