Indianapolis-based Celadon Trucking Services
purchased a significant portion of the operating equipment of Teton Transportation
, based in Knoxville, Tenn. The deal includes the purchase of approximately 180 tractors and 280 trailers for an undisclosed figure.
"Based on our evaluation of the business, we believe Teton had a solid, core group of quality customers and drivers," says Paul Will, Celadon president and COO. "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."
Celadon expects the acquisition to be accretive by the beginning in the June 2012 quarter.