Vitran Corporation Enters Into Agreement To Sell Its U.S. LTL Business

(RTTNews) - Vitran Corporation Inc. (VTNC, VTN.TO) announced that it has entered into an agreement to sell its U.S. LTL business to a company owned by industry veteran Matthew Moroun.

The company noted that Moroun is associated with a number of transportation companies whose interests include LTL, TL, Flatbed, Third Party Logistics and Warehousing.

Under the terms of the proposed sale transaction, an entity controlled by Moroun will pay $2 million to acquire 100% of the common stock of the wholly-owned U.S. subsidiary which operates Vitran's US LTL business, thereby assuming the U.S. business's ongoing liabilities, Vitran said.

Additionally, the buyer will fund the U.S. operating business between today, September 23, 2013 and the date of closing. The transaction is scheduled to close within 10 business days.