ARKANSAS BEST CORP. SELLS G.I. TRUCKING
Arkansas Best Corp. has sold its subsidiary, G.I. Trucking, for approximately $40 million in cash to a company formed by senior executives of G.I. and long time project partners Estes Express Lines of Richmond, Va.
Arkansas Best will retain ownership of three California terminal and has agreed to lease them to G.I. for a period of up to four years. G.I. has the option to purchase the terminals for $20 million.
The final purchase is subject to adjustments based on the closing balance sheet.
G.I. Trucking is a non-union regional less-than-truckload carrier operating in the Western states.