Vitran Plans to Buy Milan Express LTL Biz
Toronto-based less-than-truckload carrier Vitran Corp. announced it intents to expand into the Southeast buy buying Milan Express' LTL business
Toronto-based less-than-truckload carrier Vitran Corp. announced it intents to expand into the Southeast buy buying Milan Express' LTL business.
Milan, based in Milan, Tenn., operates 34 facilities in the central and southeastern United States.
In 2010, Milan's LTL operation generated revenues of $70 million.
"The acquisition of the Milan Express LTL operation is another critical component in Vitran's strategy of establishing a unique regional LTL network that serves the entire North American market," explained Vitran President and Chief Executive Officer Rick Gaetz. "The LTL operations of Milan Express are well run with a strong presence and reputation in their market."
The move will give Vitran more density in the five central states it already covers and allows it to expand to five new states: Alabama, Georgia, Mississippi, North Carolina and South Carolina.
Milan Express' LTL operation was operated by its founder Tommy Ross and his son John.
"Since 1969, our family has been involved in regional LTL freight transportation," said Tommy Ross. "The decision was not easy for us. We considered many options, but we believe this transaction with Vitran is the right opportunity. We are very pleased with the new Vitran relationship as it not only offers stability to the majority of our employees, but I feel it gives both our employees and our customers a platform to grow in the months ahead."
The transaction is expected to close on February 19, 2011.
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