Florida Rock & Tank Lines to acquire Infinger Transportation Co
May 23, 2002 12:00 PM
Patriot Transportation Holding Inc, Jacksonville FL, has announced that its subsidiary, Florida Rock & Tank Lines Inc, has agreed to buy Infinger Transportation Company Inc, Charleston SC. The company has been operated by the Infinger family since 1946. Infinger Transportation Company currently operates from terminals in Charleston and North Augusta SC, Charlotte and Wilmington NC, Savannah GA, and Jacksonville and Tampa FL. Included in the assets to be purchased are 109 trailers, 57 tractors, and six other vehicles.
The acquisition is subject to usual closing conditions, including satisfactory completion of the buyer's due diligence investigation. The transaction is expected to close by the end of this month.
"This acquisition both expands and strengthens our existing tank truck carrier business," said John Mabbett, Florida Rock & Tank Lines president. "We will gain access to new markets in the Carolinas while some of our current terminals will benefit from the addition of new volumes and resulting operating efficiencies."