U.S. Trucking to Merge With Professional Transportation
June 28, 2000
U.S. Trucking Inc. and Professional Transportation Group plan to merge as Professional Transportation. The two companies are already closely tied.
W. Anthony Huff, chairman of both, is also an owner of Logistics Management LLC, which is the largest shareholder of U.S. Trucking and Professional Transportation. U.S. Trucking President and CEO Danny Pixler is also a Logistics Management owner and a Professional Transportation director.
The merger is a "tremendous opportunity for consolidation, growth and economies of scale," said Dennis Bakal, Professional Transportation's president and CEO. "Since we already manage a significant part of the 'back office' functions of U.S. Trucking's operations, we have been in a position to carefully analyze its prospects, equipment and personnel."
Professional Transportation Group, based in Marietta, Ga., provides U.S. ground transportation and logistics services for the airfreight and trucking industry through its Timely Transportation subsidiary. The company operates over 280 trucks. U.S. Trucking, based in Charleston, SC, offers trucking, logistics and broker services. Its truckload division operates over 260 tractors, including about 100 owner-operator units.
Under terms of the merger agreement, U.S. Trucking shareholders will receive common stock in Professional Transportation at a ratio yet to be determined.
The merger is subject to regulatory, lender and shareholder approvals.