Swift Transportation Just Acquired Central Transport Refrigerated

wonder what'll happen to the central flatbedders.

 

Probably very few, if any, most likely it will be business as usual, with a few changes. The drivers will still be needed to deliver freight. Also, there should be PLENTY of job security with Swift. It is a HUGE, if not the largest, trucking company in the U.S.A.!

 

Who is the #1 temperature controlled truckload provider?

 

The Wall Street Journal

August 6, 2013, 7:28 p.m. ET
Swift Transportation Buys Central Refrigerated for $189 Million in Cash

By Nathalie Tadena

Swift Transportation Co.(SWFT) has acquired privately held Central Refrigerated Transportation Inc. for about $189 million in cash, expanding the company's refrigerated trucking services.

The deal is valued at $225 million, including assumed capital lease obligations and other financial debt.
Central, a truckload carrier specializing in temperature-controlled freight transportation, generated $504 million in revenue for the 12 months ended June 30. Swift's acquisition of Central is expected to make it the nation's second-largest temperature-controlled truckload provider, the company said.

Swift Chief Executive Jerry Moyes was the principal owner of Central. Given Mr. Moyes's interests in the temperature-controlled truckload industry, Swift created a special committee in May 2011 to evaluate the expansion of its temperature-controlled operations.

"We are pleased to be acquiring a growing and profitable business at an attractive valuation, diversifying our suite of services," said William Post, chairman of Swift's special committee. "This acquisition will allow Swift to be an immediate player in the over-the-road temperature-controlled market."

The deal is expected to be immediately accretive to Swift's earnings and to increase full-year adjusted earnings by about 10 cents a share.

Swift, one of the largest truckload carriers in North America, has steadily improved its revenue every quarter since going public in 2010. The company plans to grow revenue this year and increasing the utilization of its current fleet before adding containers.

Shares closed at $17.52 and were inactive after hours. Through the close, the stock has more than doubled over the past 12 months.

Write to Nathalie Tadena at nathalie.tadena@wsj.com

 

I believe Stevens is the largest refrigerated company with Central being currently ranked second.

 

Jerry Moyes wanted 200 million more in his personal bank account. Whether he owns it personally or whether his company Swift owns it, does it really matter. In reality, there was probably a clause in the purchase agreement from Dick Simon requiring a time frame before they could be absorbed into Swift.

 

Jerry has always wanted to be the biggest outfit in the country,

that is his motivation....

 

Someday,

he may make it.....

 

dick simon pased away years ago. the reason the name was changed to central is becuase the previous name went into bankruptcy thanks to the 2 boys that inherited the company. thus, the name changed to central.


but i also heard a story about a lawsuit from an automobile accident also.