Celadon Group, Indianapolis, announced that one of its wholly owned subsidiaries purchased the truckload, intermodal and brokerage business, as well as approximately 400 tractors and 1,100 trailers of Continental Express for approximately $24 million.

"Based on our evaluation of the business, we believe Continental has quality customers and drivers, but suffered from a cost structure that plagues many mid-sized carriers," said Steve Russell, Celadon chairman and chief executive officer.

"We expect to integrate the acquired operations promptly," Russell said. "As part of the integration process, we expect to optimize the combined customer, driver, and equipment base to improve asset productivity. We believe we can enhance the service to Continental'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 March 2009 quarter."