TAMPA, Fla., Aug. 2 / -- Quality Distribution, Inc. (the "Company") (NASDAQ:QLTY) today announced that it has entered into an agreement to acquire 100% of the outstanding stock of Boasso America Corporation ("Boasso") for approximately $60 million subject to purchase price adjustments.
Boasso America, headquartered in Chalmette, LA, is a leading provider of ISO tank container and depot services, with facilities located in Chalmette, LA, Houston, TX, Charleston, SC, Chicago, IL, Detroit MI and Jacksonville, FL. For its most recent fiscal year ended March 31, 2007, Boasso had revenues in excess of $70 million. The Company expects the acquisition to be immediately accretive to earnings.
Gary Enzor, President and CEO of Quality Distribution, stated: "We are excited to announce this outstanding opportunity. Boasso is well-recognized as a leading company in the tank container industry, and will continue to operate as a stand alone division under the direction of President Scott Giroir. We believe the combination of Boasso and Quality Distribution creates an opportunity for significant growth and value creation for the benefit of our customers, employees and shareholders."
Walter Boasso, Chairman and CEO of Boasso America, stated: "We are pleased to have this opportunity to partner with Quality Distribution. We believe this combination will enhance our ability to provide the best possible service to our customers, give us the ability to more quickly expand our geographic coverage and provide long term opportunities for our employees."
The transaction is expected to close in the fourth quarter. The Company expects to discuss this acquisition in further detail during its upcoming second quarter earnings conference call.
Headquartered in Tampa, Florida, Quality Distribution, Inc. through its subsidiary, Quality Carriers, Inc., and through its affiliates and owner- operators, provides bulk transportation and related services. The Company also provides tank cleaning services to the bulk transportation industry through its QualaWash® facilities. Quality Distribution, Inc. is an American Chemistry Council Responsible Care® Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing.
Timothy B. Page
Senior Vice President and Chief Financial Officer
800-282-2031 ext. 7376
Source: Quality Distribution, Inc.
Timothy B. Page
Quality Distribution, Inc.
Web site: http://www.qualitydistribution.com/