Universal Truckload To Pay $123M For Westport Axle
WARREN, Mich. (AP) -- Universal Truckload Services Inc. said Monday that it will pay $123 million in cash for Westport Axle Corp., which provides parts assembly, packaging and distribution services for makers of cars, heavy trucks and recreational vehicles.
Universal, a provider of transportation and logistics help to customers in North America, said it bought the Louisville, Ky., company from an international group headed by SM Brasil Participacoes SA.
Last year, Westport recorded revenue of $58.4 million, with sales rising to $66 million in the first nine months of this year, Universal said.
Universal said it will finance the acquisition by increasing its senior credit line to $300 million from $220 million. It expects the deal to close in late December.
Its shares fell 39 cents to close at $28.40.