Transport Service Co, Oak Brook IL, has signed an agreement to purchase the chemical transportation assets of Mission Petroleum Carriers Inc, Houston TX. The transaction is expected to close in July 2006. Terms were not announced.
The purchase will allow Transport Services the opportunity to expand its chemical operations in the Gulf States and for Mission to develop their light and crude oil operations throughout the Southwest, according to Transport Service information.
Transport Services was founded in 1946 and has had operations in the Gulf Coast area since 1979. As a supplier of bulk distribution service to the chemical and food products industries, the carrier generated revenue of $102.7 million in 2005 and was the fifteenth largest bulk carrier in the United States, based upon Bulk Transporter's Annual Revenue Report.
Transport will finance the purchase from its existing banking sources. As a result of the purchase, Transport Services will expand its base of company drivers and owner operators, staff personnel, tractor and trailer fleet, and terminal locations.