Universal Truckload Services Inc. said it will acquire Westport Axle Corp. from its Brazilian owners for $123 million.
Westport, based in Louisville, Ky., had operating revenues of $66 million for the nine months ended Sept. 30, according to Universal Truckload.Ìę
Westport provides warehousing and component-distribution services to manufacturers of Classes 4-8 trucks and is owned by the holding company SM Brasil Participacoes S/A.
âThe acquisition of Westport strategically enhances our customer base by further penetrating industrial markets, specifically to manufacturers of medium- and heavy-duty trucks. We believe that Westportâs value-added services and limited capital requirements fit nicely into Universalâs business model and long-term growth strategy,â Universal Truckload CEO Scott Wolfe said in a statement.
âWe look forward to working with Westportâs proven management team to enhance their already-strong customer relationships as we further expand Universalâs value to our customers,â he said.
Universal said it expects to receive regulatory approval and close the acquisition in late December.
Universal Truckload Services, based in Warren, Mich., ranks No. 26 on the Transport Topics Top 100 listing of U.S. and Canadian for-hire carriers.
Transport Topics