ALLIED HOLDINGS LOOKING TO SELL AXIS GROUP
Allied holdings has attained the services of Bear Sterns & Co. to explore the option of selling its subsidiary, Axis Group Inc., which provides vehicle shipping services.
Axis Group generated $28.5 million in revenues in 2000. That total excludes $20 million in transportation costs, and joint ventures in the United Kingdom and Brazil, which generated an additional $75 million in revenue.
Last month, Allied showed a loss of $5.7 million, while revenues fell 15 percent to $250.2 million. The sale of Axis Group would reduce Allied's debt.
