MONTREAL, April 19, 2012 /CNW Telbec/ - TransForce Inc. (TSX: TFI), a North American leader in the transportation and logistics industry, today announced that, through its subsidiary I.E. Miller Services, Inc, it has acquired certain assets of Peak USA Energy Services, Ltd. ("Peak USA"). Peak USA, a subsidiary of Nabors Industries Ltd. (NYSE: NBR), is a diversified oilfield service company specializing in rig moving, custom heavy hauling, crane and rigging services, and oilfield transportation.
The acquired business spans two operating districts located in Alice and Kilgore, Texas, providing work to a combined total of about 75 employees. The transaction is valued at more than $10 million and is expected to generate annual revenues of approximately $25 million for TransForce.
"This asset acquisition further improves TransForce's offering to the energy services sector. These quality assets will increase our density in Texas, while also adding to our know-how. Through its disciplined acquisition strategy, TransForce will continue to seek opportunities to enhance its leadership in providing value-added services to the energy sector," said 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 the following segments:
- Package and Courier;
- Truckload, which includes specialized truckload and dedicated services;
- Specialized Services, which includes services to the energy sector, waste management, 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.
For further information:
Chairman, President and CEO