Clipper Exxpress LTL operation being sold
Dec 2, 2003 12:00 PM, from staff and wire reportsArkansas Best CorpÕs subsidiary, Clipper Exxpress Co, has reached an agreement to sell all customer and vendor lists for ClipperÕs LTL freight business to Hercules Forwarding Inc of Vernon CA for $2.6 million in cash. The planned closing date for this transaction is Dec 31, 2003. Through the first nine months of 2003, revenues generated by ClipperÕs LTL division were $26.7 million.
Upon completion of the sale, Fort Smith AR-based Arkansas Best will continue to own Clipper Exxpress and Clipper Controlled Logistics. These units will maintain operations in the full-load intermodal, temperature-controlled, and brokerage segments. For the first nine months of 2003, revenues from ClipperÕs remaining businesses were $68.8 million.