Landstar Completes Sale of Supply Chain Companies to XPO Logistics
JACKSONVILLE, Fla. - (NASDAQ-LSTR) Landstar System, Inc., a worldwide, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation logistics services, announced today that it has completed the previously announced sale of its Michigan-based supply chain subsidiaries ("LSCS") to XPO Logistics, Inc. ("XPO") for $87.0 million in cash.
Commenting on the transaction, Landstar Chairman, President and CEO Henry Gerkens said, "We are very pleased to have been able to provide our stockholders with an excellent return on investment with respect to the two acquisitions we made in 2009 and to have closed this transaction during our 2013 fiscal year. We look forward to beginning 2014 focused on growing our core business model and are committed to investing in the technology and other businesses that will best support and expand our agent, customer and third party capacity provider bases."
About Landstar:
Landstar System, Inc. is a worldwide, asset-light provider of integrated transportation management solutions delivering safe, specialized transportation logistics services to a broad range of customers utilizing a network of agents, third-party capacity owners and employees. All Landstar transportation services companies are certified to ISO 9001:2008 quality management system standards and RC14001:2008 environmental, health, safety and security management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market® under the symbol LSTR.
www.landstar.com
SOURCE Landstar System, Inc.
CONTACT: Jim Gattoni, Landstar System, Inc., (904) 398-9400
Web Site: http://www.landstar.com
