ROADWAY CLOSES ARNOLD INDUSTRIES PURCHASE, SALE OF LOGISTICS BUSINESS
Roadway Corp. said it has closed its acquisition of Arnold Industries Inc. of Lebanon, Pa., and its sale of Arnold Industries logistics business to Edward H. Arnold and Arnold Logistics LLC.
The total value of the acquisition, net of the sale of the logistics operation, is approximately $491 million. Roadway funded the acquisition with the proceeds of various financings.
Michael W. Wickham, chairman and CEO of Roadway Corp., said “We are pleased to conclude these transactions. We can now focus on the future of Roadway Corp.”
“Arnold’s excellent financial performance is expected to immediately add to Roadway’s profitability, and the combined cash flows from these companies is expected to help us quickly pay down our debt,” he said.