Swift obtains assets of Merit Distribution
Jul 7, 2003 12:00 PM, from staff and wire reportsSwift Transportation Co Inc has purchased certain assets of Merit Distribution Services Inc for $76 million. The price includes $26 million for revenue equipment and other assets not part of the original agreement.
Merit has a fleet of 825 tractors and 1,400 trailers; of these, 455 tractors and 1,100 trailers are leased. The firm’s main business consists of dedicated regional trucking fleets serving Wal-Mart grocery distribution centers and retail outlets.
The acquisition is expected to add roughly $140 million to Swift’s annual revenue, according to Jerry Moyes, the company’s chairman and chief executive officer.