Contrans Completes Sale of Waste Collection Segment to GFL Environmental Inc.
WOODSTOCK, ON, May 1, 2014 /CNW/ - (TSX:CSS) Contrans Group Inc. today announced that it has completed the previously announced sale of its wholly owned subsidiaries Tri-Line Disposal Inc. and Deuce Disposal Ltd. to GFL Environmental Inc. Tri-Line Disposal Inc. and Deuce Disposal Ltd. are leading waste collection companies in Edmonton and Slave Lake, Alberta respectively and were operated by the Company as a segmented business unit. The proceeds from this sale, which are subject to working capital adjustments, are expected to approximate $72,000,000. Since Contrans Group Inc. operates on a highly decentralized basis, the sale of these subsidiaries will not affect the manner in which the Company operates its other business units.
Contrans has been providing freight transportation services as a publicly-listed company since 1985. With approximately 1,400 power units and 2,600 trailers under management, Contrans is one of the largest freight transportation companies in Canada.
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