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4-Traders Homepage  >  Equities  >  Nyse  >  Celadon Group, Inc.    CGI

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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
800-CELADON Ext. 7070
317-972-7070 Direct

© Business Wire 2012
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