CSX Corp. has signed a definitive agreement to acquire Quality Carriers Inc., a provider of bulk liquid chemicals truck transportation in North America, from Quality Distribution Inc.
James M. Foote, president and chief executive officer of CSX, said, “The acquisition of Quality Carriers further demonstrates our commitment to the strategic growth of our business and deepening our relationships with customers. 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.”
Quality Carriers’ management team, led by president Randy Strutz, will continue to lead the business as part of CSX.
Strutz commented, “Quality Carriers is excited to become a new and integral part of CSX, which has unparalleled knowledge, experience and presence in the rail-based bulk chemicals transportation space. Together, we will be exceptionally positioned to provide our customers – many of which have existing relationships with both CSX and Quality Carriers – with a unique and seamless rail-to-highway offering. We look forward to partnering with CSX and to create a new level of efficiency for bulk chemicals transportation.”
Goldman Sachs & Co. LLC is acting as financial advisor and Davis Polk & Wardwell LLP is acting as legal advisor to CSX in connection with the transaction.