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Vitran Announces Agreement to Sell U.S. LTL Business
TORONTO, Sept.
Matthew moroun vitran express calgary
23, 2013 (GLOBE NEWSWIRE) -- Vitran Corporation Inc. ("Vitran" or the "Company") (Nasdaq:VTNC) (TSX:VTN), a North American transportation firm, announced today that it has entered into an agreement to sell its U.S. LTL business to a company owned by industry veteran Matthew Moroun.
Mr. Moroun is associated with a number of transportation companies whose interests include LTL, TL, Flatbed, Third Party Logistics and Warehousing.
"We are pleased to have reached an agreement to sell our U.S. LTL business," said William S.
Deluce, Vitran's Interim President and Chief Executive Officer. "For the last several years, Vitran has invested substantial time and capital to improve its U.S operating results. While we believe these efforts have made Vitran's U.S.
LTL business a better operating company, they did not result in financial results that are acceptable to management or the Board.
"With the assistance of our finan