tWarren-based Universal Truckload Services Inc. plans to purchase Westport Axle Corp. for $123 million, the company announced Monday.
tWestport, based in Louisville, Ky., provides warehousing and component distribution services to manufacturers of RVs and medium and super-duty trucks. It also machines and distributes steering knuckles and axle components for the automotive industry.
t“The acquisition of Westport strategically enhances our customer base by further penetrating industrial markets, specifically to manufacturers of medium and heavy-duty trucks,” says Scott Wolfe, CEO of Universal, which provides customized transportation and logistics solutions throughout the U.S., Mexico, and Canada. “We believe that Westport's value-added services and limited capital requirements fit nicely into Universal's business model and long-term growth strategy.”
tUniversal, which traces its roots to 1932 when it was known as Mason Dixon Lines, expects to close on the transaction this month, subject to customary closing conditions.
tIn 2012, Universal’s operating revenue surpassed $1 billion, while Westport posted sales of $58.4 million during the same period.