TORONTO – Freight company Vitran Corp. Inc. (TSX:VTN) announced Monday that it has a deal to sell its U.S. less-than-truckload business to a company owned by industry veteran Matthew Moroun.
The deal will see Moroun pay $2 million to acquire the business and assume the operation’s ongoing liabilities.
Vitran says Moroun is associated with a number of transportation companies whose interests include LTL, truckload, flatbed, third-party logistics and warehousing.
“We are pleased to have reached an agreement to sell our U.S. LTL business,” interim president and CEO William Deluce said in announcing the deal.
“For the last several years, Vitran has invested substantial time and capital to improve its U.S. operating results. While we believe these efforts have made Vitran’s U.S. LTL business a better operating company, they did not result in financial results that are acceptable to management or the board,” he added.