Swift Acquires 100% of Trans-Mex Inc.
Swift Transportation Co. Inc., Phoenix, Ariz., has completed its acquisition of an additional 51% interest in Trans-Mex Inc. S.A. de C.V.
Swift Transportation Co. Inc., Phoenix, Ariz., has completed its acquisition of an additional 51% interest in Trans-Mex Inc. S.A. de C.V.
Swift now owns 100% of this Mexican truckload carrier. The purchase price for this 51% interest was $31 million, consisting of $11 million in cash and 942,155 shares of Swift common stock.
Swift has agreed to file a registration statement with the Securities and Exchange Commission for these shares within the next 90 days.
Trans-Mex is one of the top five international trucking companies operating in Mexico. Through this acquisition, Swift becomes the only United States trucking company with a 100% ownership interest in a Mexican carrier.
Jerry Moyes, chairman and chief executive officer, said, "We formed this venture four years ago to offer excellent service to our customers with cross-border freight. The financial and service performance of Trans-Mex has exceeded our expectations. As contemplated in our original agreement in 1990, we have acquired the remaining ownership interest in this carrier. We expect Trans-Mex will continue to grow as we expand with our customers' needs."
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