Under the agreement, Simon would assume the lease of or refinance 249 tractors, sublease 584 trailers, and purchase or lease certain other assets. Simon will have the opportunity to hire all company drivers, independent contractors, maintenance employees and office personnel.
Westway currently operates approximately 375 company tractors, 76 tractors supplied by independent contractors, and 705 53-foot temperature-controlled trailers.
Simon Chief Executive Officer Jon Isaacson said the company expects the deal to give it increased operating density in existing Simon lanes. "We also hope to hire and retain as many Westway drivers as possible, with any drivers in excess of the 249 tractors being leased or refinanced to be assigned to Simon's unseated tractors. In addition, we expect the incremental revenue from the acquisition to assist in covering our fixed costs."