ABF completes Clipper sale
Arkansas Best Corp., which owns large piece-shipment motor carrier ABF Freight System, said Thursday it has completed the sale of its Clipper intermodal transportation subsidiary to Bluenose Holdings Inc. for about $21 million.
Bluenose is a division of Wheels Group, a third-party logistics provider in Mississauga, Ontario.
Arkansas Best, Fort Smith, Ark., said it estimates that its net cash proceeds from the sale, initially announced on May 9, after transaction costs and income taxes, will be about $19 million. ABF said at the time that Clipper did not fit with the company’s less-than-truckload focus.