CSX Completes Acquisition of Quality Carriers
CSX Corp. announced it has completed its previously announced acquisition of Quality Carriers, Inc. (“Quality Carriers”), the leading North American provider of bulk liquid chemicals truck transportation, from Quality Distribution, Inc. Financial terms of the transaction were not disclosed.
Quality Carriers operates over 2,500 trucks and 6,400 trailers that serve many of the largest chemical producers and processors. The addition of Quality Carriers enables CSX to extend the reach of its network and gain access to new products, markets, and regions through a unique and competitive multimodal solution that leverages the reach of truck transportation with the cost-advantage of rail-based services. As such, CSX can now provide more comprehensive transportation services to customers throughout supply chains.
“We are thrilled to welcome the Quality Carriers team to CSX,” said James M. Foote, president and chief executive officer of CSX. “We strive to provide chemical producers and shippers with the most efficient, cost-effective transportation services possible. By combining CSX’s and Quality Carriers’ capabilities, we can deliver an unparalleled multimodal solution that will generate substantial value for our customers.”
“Joining the CSX family strengthens our position as the leading bulk chemical trucking network in North America and provides our customers with an integrated rail-to-highway offering that will revolutionize the chemical transportation industry,” added Randy Strutz, President of Quality Carriers. “CSX is a pioneer in rail-based bulk chemical transportation, and there is tremendous potential in this combination. We look forward to integrating our capabilities and to providing enhanced bulk chemical transportation solutions.”
Goldman Sachs & Co. LLC served as financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to CSX in connection with the transaction.
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural and consumer products. For nearly 200 years, CSX has played a critical role in the nation’s economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation’s population resides. It also links more than 230 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike. More information about CSX Corp. and its subsidiaries is available at www.csx.com. Like us on Facebook (http://facebook.com/OfficialCSX) and follow us on Twitter (http://twitter.com/CSX).
About Quality Carriers
Headquartered in Tampa, Florida, Quality Carriers operates the largest liquid bulk chemical trucking network, including over 2,500 trucks and 6,400 trailers in North America. Quality’s network of company terminals, independent affiliates and independent owner-operators provides nationwide liquid bulk chemical transportation and related services. With a network of more than 100 company-owned and affiliated terminals and facilities in key locations throughout the U.S., Canada and Mexico, QC provides extensive opportunities and support for its drivers. In addition to promoting industry leading delivery standards for its customers, QC also strives to be a leader in driver safety and opportunities. Quality Carriers is an American Chemistry Council Responsible Care® Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing. For more information, visit www.qualitycarriersinc.com.
Bill Slater – Investor Relations- (904) 359-1334
Source: CSX Corporation