Roadway finalizes acquisition of Arnold
Dec 3, 2001 12:00 PM
LTL conglomerate Roadway Corp. of Akron, OH, has closed its acquisition of Arnold Industries of Lebanon, PA, and its sale of Arnold Industries' logistics business to Edward H. Arnold and Arnold Logistics, LLC.The total value of the acquisition, net of the sale of the logistics operation, is approximately $491 million, said Roadway. The carrier funded the acquisition with the proceeds of various financings.
As a result of the acquisition, the shareholders of Arnold Industries will receive $21.75 per share in cash. After the acquisition of Arnold Industries was completed, Arnold Industries' logistics business was sold to Edward H. Arnold and Arnold Logistics, LLC for $105 million in cash.
