MONTREAL, Nov. 11, 2011 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a
North American leader in the transportation and logistics industry, is
pleased to announce its wholly-owned subsidiary, TFI Holdings USA,
Inc., has reached an agreement to acquire all the shares of I.E. Miller
Services, Inc. ("IE Miller"), a leading North American provider of rig
relocation services, including disassembly, transportation and
reassembly of oil and gas drilling rigs.
Founded in 1936, IE Miller is a subsidiary of Complete Production
Services, Inc. (NYSE: CPX). It operates eight terminals strategically
located in close proximity with key North American basins in Texas,
Louisiana, Oklahoma, Colorado, and North Dakota.
IE Miller has approximately 400 employees and operates one of the
largest and most diverse fleets of rig relocation equipment in the
United States, mostly specialized in high-end, high horsepower rig
movements. It also services a well-diversified base of leading oil and
gas producers as well as drilling companies. The transaction will add
annual revenues of approximately US$138 million. The transaction is
expected to close in the fourth quarter of 2011.
"This latest transaction is an excellent strategic fit for TransForce
and underlines our disciplined and selective approach to acquisitions.
Their established national U.S. footprint creates significant
opportunities to provide high value-added rig relocation services to
new and existing customers. In addition, the transaction further allows
the reinforcement of our oilfield services management team and presence
in the energy services sector," commented Alain Bédard, Chairman,
President and Chief Executive Officer of TransForce.
TransForce Inc. is a North American leader in the transportation and
logistics industry. Operating across Canada and the United States,
TransForce creates value for shareholders by identifying strategic
acquisitions and managing a growing network of wholly-owned, operating
subsidiaries. Under the TransForce umbrella, companies benefit from
corporate financial and operational resources to build their businesses
and increase their efficiency. TransForce companies service four
well-defined reportable segments:
Package and Courier;
Truckload, which includes specialized truckload and dedicated services;
Specialized Services, which includes waste management, energy sector
services, logistics and ancillary transportation services.
TransForce Inc. (TFI) is publicly traded on the Toronto Stock Exchange
(TSX). For more information, visit http://www.transforcecompany.com.
Except for historical information provided herein, this press release
may contain information and statements of a forward-looking nature
concerning the future performance of TransForce. These statements are
based on suppositions and uncertainties as well as on management's best
possible evaluation of future events. Such factors may include, without
excluding other considerations, fluctuations in quarterly results,
evolution in customer demand for TransForce's products and services,
the impact of price pressures exerted by competitors, and general
market trends or economic changes. As a result, readers are advised
that actual results may differ from expected results.
SOURCE TRANSFORCE INC.
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