WESTERN EXPRESS & SMITHWAY MOTOR XPRESS ANNOUNCE ACQUISITION AGREEMENT
New growth and opportunities expected
NASHVILLE, TENNESSEE and FORT DODGE, IOWA — Western Express, Inc. and Smithway Motor Xpress Corp., two premier truckload carriers that haul diversified freight nationwide, today announced agreement on a plan for Western to acquire Smithway. The transaction is expected to close in the summer of 2007, subject to approval by Smithway’s stockholders and other customary closing conditions. Smithway’s experienced senior management team and employees are expected to remain at Smithway and play integral roles in delivering the companies’ combined services to the truckload market.
Together, the companies present a powerhouse of experience, stability and opportunity in the industry. The acquisition will build on Western’s established dry van operation by combining the dry van operations of both companies. Additionally, Smithway’s flatbed operation is expected to offer Western the market presence and reputation to make the combined flatbed operation a force in the industry. On a combined basis, the companies would operate approximately 1,600 tractors in dry van operations and 1,400 tractors in flatbed operations.
Wayne Wise, Chairman, President, and Chief Executive Officer of Western, said, “Western is very excited by the prospect of adding Smithway’s operations to our existing business,” says Wise. “Western has a history of growing through strategic acquisitions, and Smithway would be an exciting chapter in Western’s growth story.”
The combination of the two companies places it in the top 15 truckload carriers measured by revenue, creating more opportunity for their combined customer, employee, and driver bases. “Besides the many obvious synergies between the two companies’ dry van and flatbed operations, the Smithway people were key to our interest in a transaction,” Wise says. “We are always looking for strong performers, and we look forward to working with the existing management team as they continue to manage and grow their business from their existing locations.”
G. Larry Owens, President and Chief Executive Officer of Smithway, is also pleased with the acquisition. “Smithway’s fleet and truckload transportation services brings tremendous value to Western, creating an even stronger company in the truckload market,” says Owens. “By joining our complementary services, the combined company gives the Smithway business operations the right platform from which to achieve their full potential. In addition, our employees will benefit by being part of a larger, more diversified organization. This is an excellent time to join our driving team.”
Drivers and owner operators interested in the new opportunities presented by this exciting change should call 866-322-2148 or visit www.smxc.com.
Best pay for experienced van drivers: Heartland Express; New Century Transportation; Landspan.
Posted by: John Hammerhead | June 21, 2007 at 12:57 AM