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CSX Corp. today announced it has signed a definitive agreement to acquire Quality Carriers Inc., a provider of bulk liquid chemicals truck transportation, from Quality Distribution Inc.
Terms of the transaction were not disclosed. The acquisition will establish the first integrated multimodal chemical transportation solution, CSX officials said in a press release.
Quality Carriers operates an extensive bulk tank trucking fleet with about 2,500 drivers. Through a network of more than 100 company-owned and affiliate terminals and facilities located throughout the United States, Canada and Mexico, the company provides transportation services to many leading chemical producers and shippers.
The transaction will expand the reach of both CSX and Quality Carriers, CSX officials said.
"Our new partnership will provide chemical producers and shippers with a first-of-its-kind multimodal solution that capitalizes on the powerful synergies between Quality Carriers’ truck transportation fleet and our cost-advantaged rail network. We believe that this new capability will create meaningful long-term value for our company," said CSX President and Chief Executive Officer James Foote.
Quality Carriers’ management team, led by President Randy Strutz, will continue to lead the business as part of CSX.