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Jul 1, 2006 12:00 PM

Transport Service Co of Oak Brook IL has signed an agreement to purchase the chemical transportation assets of Houston TX-based Mission Petroleum Carriers Inc.

This purchase will allow Transport to expand its chemical operations in the Gulf states, and will let Mission develop its light- and crude-oil operations throughout the Southwest.

Founded in 1946, Transport has had operations in the Gulf Coast area since 1979. As a supplier of bulk distribution service to the chemical and food products industries, Transport generated revenue of $102.7 million in 2005 and was the 15th-largest bulk carrier in the United States based on revenue.

Transport will finance the purchase from its existing banking sources. As a result of the purchase, Transport will expand its base of company drivers and owner-operators, staff personnel, tractor and trailer fleet, and terminal locations.

The transaction is expected to close in July 2006 subject to completion of due diligence and other customary conditions.