CSX Completes Acquisition of Quality Carriers
July 01 2021 - 9:00AM
CSX Corp. (NASDAQ: CSX) today announced it has completed its
previously announced acquisition of Quality Carriers, Inc.
("Quality Carriers"), the leading North American provider of bulk
liquid chemicals truck transportation, from Quality Distribution,
Inc. Financial terms of the transaction were not disclosed.
Quality Carriers operates over 2,500 trucks and
6,400 trailers that serve many of the largest chemical producers
and processors. The addition of Quality Carriers enables CSX to
extend the reach of its network and gain access to new products,
markets, and regions through a unique and competitive multimodal
solution that leverages the reach of truck transportation with the
cost-advantage of rail-based services. As such, CSX can now provide
more comprehensive transportation services to customers throughout
supply chains.
“We are thrilled to welcome the Quality Carriers
team to CSX,” said James M. Foote, president and chief executive
officer of CSX. “We strive to provide chemical producers and
shippers with the most efficient, cost-effective transportation
services possible. By combining CSX’s and Quality Carriers’
capabilities, we can deliver an unparalleled multimodal solution
that will generate substantial value for our customers.”
“Joining the CSX family strengthens our position
as the leading bulk chemical trucking network in North America and
provides our customers with an integrated rail-to-highway offering
that will revolutionize the chemical transportation industry,”
added Randy Strutz, President of Quality Carriers. “CSX is a
pioneer in rail-based bulk chemical transportation, and there is
tremendous potential in this combination. We look forward to
integrating our capabilities and to providing enhanced bulk
chemical transportation solutions.”
Goldman Sachs & Co. LLC served as financial
advisor and Davis Polk & Wardwell LLP acted as legal advisor to
CSX in connection with the transaction.
About CSX
CSX, based in Jacksonville, Florida, is a
premier transportation company. It provides rail, intermodal and
rail-to-truck transload services and solutions to customers across
a broad array of markets, including energy, industrial,
construction, agricultural and consumer products. For nearly 200
years, CSX has played a critical role in the nation’s economic
expansion and industrial development. Its network connects every
major metropolitan area in the eastern United States, where nearly
two-thirds of the nation’s population resides. It also links more
than 230 short-line railroads and more than 70 ocean, river and
lake ports with major population centers and farming towns alike.
More information about CSX Corp. and its subsidiaries is available
at www.csx.com. Like us on Facebook
(http://facebook.com/OfficialCSX) and follow us on Twitter
(http://twitter.com/CSX).
About Quality Carriers
Headquartered in Tampa, Florida, Quality
Carriers operates the largest liquid bulk chemical trucking
network, including over 2,500 trucks and 6,400 trailers in North
America. Quality’s network of company terminals, independent
affiliates and independent owner-operators provides nationwide
liquid bulk chemical transportation and related services. With a
network of more than 100 company-owned and affiliated terminals and
facilities in key locations throughout the U.S., Canada and Mexico,
QC provides extensive opportunities and support for its drivers. In
addition to promoting industry leading delivery standards for its
customers, QC also strives to be a leader in driver safety and
opportunities. Quality Carriers 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. For more information, visit
www.qualitycarriersinc.com.
Forward-looking Statements
This information and other statements by the
company may contain forward-looking statements within the meaning
of the Private Securities Litigation Reform Act with respect to,
among other items: projections and estimates of earnings, revenues,
margins, volumes, rates, cost-savings, expenses, taxes, liquidity,
capital expenditures, dividends, share repurchases or other
financial items, statements of management's plans, strategies and
objectives for future operations, and management's expectations as
to future performance and operations and the time by which
objectives will be achieved, statements concerning proposed new
services, and statements regarding future economic, industry or
market conditions or performance. Forward-looking statements are
typically identified by words or phrases such as “will,” “should,”
“believe,” “expect,” “anticipate,” “project,” “estimate,”
“preliminary” and similar expressions. Forward-looking statements
speak only as of the date they are made, and the company undertakes
no obligation to update or revise any forward-looking statement. If
the company updates any forward-looking statement, no inference
should be drawn that the company will make additional updates with
respect to that statement or any other forward-looking
statements.
Forward-looking statements are subject to a
number of risks and uncertainties, and actual performance or
results could differ materially from that anticipated by any
forward-looking statements. Factors that may cause actual results
to differ materially from those contemplated by any forward-
looking statements include, among others; (i) the company's success
in implementing its financial and operational initiatives; (ii)
changes in domestic or international economic, political or
business conditions, including those affecting the transportation
industry (such as the impact of industry competition, conditions,
performance and consolidation); (iii) legislative or regulatory
changes; (iv) the inherent business risks associated with safety
and security; (v) the outcome of claims and litigation involving or
affecting the company; (vi) natural events such as severe weather
conditions or pandemic health crises; and (vii) the inherent
uncertainty associated with projecting economic and business
conditions.
Other important assumptions and factors that
could cause actual results to differ materially from those in the
forward-looking statements are specified in the company's SEC
reports, accessible on the SEC's website at www.sec.gov and the
company's website at www.csx.com.
Contact:Bill Slater, Investor
Relations904-359-1334
Bryan Tucker, Corporate Communications855-955-6397
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