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New Partnership to Create Unique Multimodal Chemicals Transportation Solution
JACKSONVILLE, Fla., July 01, 2021 (GLOBE NEWSWIRE) -- CSX Corp. (NASDAQ: CSX) today announced it has completed its previously announced acquisition of Quality Carriers, Inc. ("Quality Carriers"), the leading North American provider of bulk liquid chemicals truck transportation, from Quality Distribution, Inc. Financial terms of the transaction were not disclosed.
Quality Carriers operates over 2,500 trucks and 6,400 trailers that serve many of the largest chemical producers and processors. The addition of Quality Carriers enables CSX to extend the reach of its network and gain access to new products, markets, and regions through a unique and competitive multimodal solution that leverages the reach of truck transportation with the cost-advantage of rail-based services. As such, CSX can now provide more comprehensive transportation services to customers throughout supply chains.
“We are thrilled to welcome the Quality Carriers team to CSX,” said James M. Foote, president and chief executive officer of CSX. “We strive to provide chemical producers and shippers with the most efficient, cost-effective transportation services possible. By combining CSX’s and Quality Carriers’ capabilities, we can deliver an unparalleled multimodal solution that will generate substantial value for our customers.”
“Joining the CSX family strengthens our position as the leading bulk chemical trucking network in North America and provides our customers with an integrated rail-to-highway offering that will revolutionize the chemical transportation industry,” added Randy Strutz, President of Quality Carriers. “CSX is a pioneer in rail-based bulk chemical transportation, and there is tremendous potential in this combination. We look forward to integrating our capabilities and to providing enhanced bulk chemical transportation solutions.”
Goldman Sachs & Co. LLC served as financial advisor and Davis Polk & Wardwell LLP acted as legal advisor to CSX in connection with the transaction.
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural and consumer products. For nearly 200 years, CSX has played a critical role in the nation’s economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation’s population resides. It also links more than 230 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike. More information about CSX Corp. and its subsidiaries is available at www.csx.com. Like us on Facebook (http://facebook.com/OfficialCSX) and follow us on Twitter (http://twitter.com/CSX).
About Quality Carriers
Headquartered in Tampa, Florida, Quality Carriers operates the largest liquid bulk chemical trucking network, including over 2,500 trucks and 6,400 trailers in North America. Quality’s network of company terminals, independent affiliates and independent owner-operators provides nationwide liquid bulk chemical transportation and related services. With a network of more than 100 company-owned and affiliated terminals and facilities in key locations throughout the U.S., Canada and Mexico, QC provides extensive opportunities and support for its drivers. In addition to promoting industry leading delivery standards for its customers, QC also strives to be a leader in driver safety and opportunities. Quality Carriers is an American Chemistry Council Responsible Care® Partner and is a core carrier for many of the Fortune 500 companies that are engaged in chemical production and processing. For more information, visit www.qualitycarriersinc.com.
This information and other statements by the company may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, margins, volumes, rates, cost-savings, expenses, taxes, liquidity, capital expenditures, dividends, share repurchases or other financial items, statements of management's plans, strategies and objectives for future operations, and management's expectations as to future performance and operations and the time by which objectives will be achieved, statements concerning proposed new services, and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as “will,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company updates any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.
Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by any forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by any forward- looking statements include, among others; (i) the company's success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting economic and business conditions.
Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company's SEC reports, accessible on the SEC's website at www.sec.gov and the company's website at www.csx.com.
Bill Slater, Investor Relations
Bryan Tucker, Corporate Communications