Celadon Group, Inc. : Celadon Trucking Services, Inc. Announces Acquisition of Equipment Assets from Teton Transportation, Inc.
02/29/2012| 03:50pm US/Eastern
Celadon Trucking Services, Inc., a wholly-owned subsidiary of Celadon
Group, Inc. (NYSE: CGI), announced today that it has purchased a
significant portion of the operating equipment of Teton Transportation,
Inc. ("Teton"), based in Knoxville, TN. The deal includes the purchase
of approximately 180 tractors and 280 trailers for an undisclosed figure.
"We are excited with the Teton acquisition, as it fits well within the
strategy we have executed during similar acquisitions over the last few
years. As with previous acquisitions, our goals are to continue to
broaden our customer base with quality customers, add density in our
primary traffic lanes, and gain experienced drivers," stated Paul Will,
President and COO. "Based on our evaluation of the business, we believe
Teton had a solid, core group of quality customers and drivers. We
expect to integrate and optimize these customers and drivers within our
operations promptly and further improve asset productivity. We believe
we can enhance the service to Teton's former customers through an
upgraded equipment fleet, excellent technology, more available assets
for dispatch, and an outstanding safety record. We expect the acquired
operations to be accretive beginning in the June 2012 quarter."
Celadon Group, Inc. (www.celadongroup.com),
through its subsidiaries, provides long-haul and regional full-truckload
freight service across the United States, Canada and Mexico. The company
also owns Celadon Logistics Services, which provides freight brokerage
services, less-than-truckload services, as well as supply chain
management solutions, including warehousing and dedicated fleet services.
Celadon Group, Inc.
Jeryl Desjarlais, Communications Manager
© Business Wire 2012