The trucking and logistics company completed the disposition of all assets associated with its flatbed trucking division to a subsidiary of PS Logistics, LLC.
Indianapolis-based trucking and logistics company Celadon Group, Inc. has finalized the disposition of substantially all assets associated with its flatbed trucking division to a subsidiary of PS Logistics, LLC, Celadon said in a statement.
Financial terms of the deal were not disclosed.
PS Logistics, which is one of the largest flatbed transportation solutions providers in the United States, offers asset-based transportation, brokerage, third-party logistics and supply chain services.
Celadon’s flatbed division’s assets included in the transaction primarily consisted of owned trailers, which were sold in exchange for cash, and leased trailers, which were sold in exchange for an assumption or satisfaction of the lease obligations.
In addition, Celadon is entitled to certain post-closing goodwill payments.
“Under the strategic plan adopted over the past 30 days, our goal is to concentrate our resources on core business lines where we add value to customers and have the opportunity to generate acceptable returns over time,” Celadon CEO Paul Svindland said.
Celadon Group, through its subsidiaries, offers long-haul, regional, local, dedicated, intermodal, temperature-protect and expedited freight services throughout the U.S., Canada and Mexico. The company also owns Celadon Logistics Services, which provides freight brokerage services, freight management and supply chain management solutions.
Celadon divests flatbed division
