During 2000, Skipper Transportation generated approximately $15.0 million in revenue. Skipper Transportation operates approximately 39 leased company tractors, 85 tractors supplied by owner-operators, and a fleet of more than 166 trailers.
Under the agreement, Smithway would lease the 39 tractors and purchase 166 flatbed trailers. Smithway also agreed to acquire inventory, including tarps, chains, binders, safety equipment, and other miscellaneous assets. Smithway's total capital investment will be less than $3 million.
The acquisition will strengthen Smithway's presence in the Southeast. Smithway also expects to hire many of Smithway's drivers and owner-operators.
Smithway is a truckload carrier that hauls diversified freight nationwide, concentrating primarily on the flatbed segment of the truckload market.