OHL Announces Sale of Turbo Logistics Transaction Materially Strengthens Focus on Core Business and Balance Sheet
BRENTWOOD, Tenn., Oct. 25, 2012 /PRNewswire/ -- OHL, one of the largest third party logistics companies in the world, providing integrated global supply chain management solutions, has completed the sale of Turbo Logistics, Inc. to XPO Logistics, Inc. The transaction is an asset sale with cash proceeds of $50 million.
The Turbo Logistics sale represents the second transaction for OHL in 2012. In April, 2012 OHL completed the sale of Lanter Refrigeration Distribution.
The completion of these two transactions reflects OHL's enterprise strategy to focus its leadership and resources on its core business: providing end-to-end logistics solutions worldwide. This includes Freight Forwarding, Customs House Brokerage, Transportation Management, and Contract Logistics (Warehousing & Fulfillment).
The sale of these two divisions materially strengthens OHL's balance sheet. All proceeds from the Turbo Logistics transaction have been used to pay down long-term debt. The combined impact of both transactions provides OHL the ability to strategically invest in technology and new capabilities, and to enhance the customer experience.
Randall E. Curran, Chief Executive Officer of OHL, commented, "These two transactions represent a compelling opportunity for our employees, customers and suppliers. OHL has taken steps that provide clarity and confidence for our stakeholders as well as laying out a clear strategy to grow OHL's core service offerings. Customers have demonstrated consistent support for our products and services and we believe they will benefit from our increased focus."
OHL is one of the largest third party logistics companies in the world, providing integrated global supply chain management solutions including transportation, warehousing, customs brokerage, freight forwarding, and import and export consulting services.
We operate more than 110 value-added distribution centers and have over 6,000 employees.
For more information, visit www.ohl.com