U.S. Xpress to Sell its Airport-to-Airport Busines

  1. Home
  2. News
  3. U.S. Xpress to Sell its Airport-to-Airport Busines
U.S. Xpress to Sell its Airport-to-Airport Busines
Chattanooga, TN, May 31--Freight forwarder U.S. Xpress Enterprises Inc. said Tuesday it would sell its airport-to-airport operations and customer list to Forward Air Corp for $12.75 million in cash. The company said it would take a $2 million to $3.5 million pre-tax charge on the transaction. Its U.S. Xpress Global Systems subsidiary will continue to provide transportation, warehousing, and distribution for the floor covering industry and other distribution for commercial accounts through its North American terminals. U.S. Express said the costs include the shutdown of some facilities, employee severance and the write-off of other assets. In 2004, the airport-to-airport operations generated 5% of U.S. Xpress' revenue, or about $57 million. The $13 million generated by the sale and other liquidations will be used to pay down debt, the U.S. Xpress said.