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CSX Corporation (CSX) - free report >>
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CSX Corporation (CSX) - free report >>
United Parcel Service, Inc. (UPS) - free report >>
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CSX to Buy Quality Carriers to Expand North American Network
CSX Corporation (CSX - Free Report) has signed a definitive agreement to acquire Quality Carriers from Quality Distribution. Terms of the agreement were not disclosed.
Quality Carriers is a provider of bulk liquid chemicals transportation, operating an extensive bulk tank trucking fleet in North America with the help of about 2,500 drivers. The company has a network of more than 100 company-owned and affiliate terminals and facilities across the United States, Canada and Mexico.
The transaction is expected to expand the reach of both the companies by creating a unique multimodal chemicals transportation solution. Post acquisition, Quality Carriers’ current president, Randy Strutz, is expected to continue to lead the business as part of CSX. The deal is expected to close in the third quarter of 2021, subject to regulatory and customary closing conditions.
CSX Corporation Price
CSX Corporation price | CSX Corporation Quote
Regarding the deal, CSX president and chief executive officer, James M. Foote, stated, “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.”
Zacks Rank & Key Picks
CSX carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are ArcBest Corporation (ARCB - Free Report) , C.H. Robinson Worldwide (CHRW - Free Report) and United Parcel Service (UPS - Free Report) . While ArcBest sports a Zacks Rank #1 (Strong Buy), C.H. Robinson and UPS carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of ArcBest, C.H. Robinson and UPS have rallied more than 300%, 34% and 100% in a year’s time respectively.
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