JOC Staff | Oct 25, 2012 7:18PM EDT
Third-party logistics provider OHL has sold the operating assets of freight brokerage division Turbo Logistics to XPO Logistics.
The sale, valued at $50 million in cash, was OHL's second this year as part of a strategy to focus on its core business. In April, it sold off Lanter Refrigeration Distribution.
OHL said it used the proceeds from the transaction to pay down long-term debt. CEO Randall E. Curran added that the move provides “clarity and confidence” for the company’s stakeholders.
Turbo Logistics has four locations: Chicago; Dallas; Gainesville, Ga., and Reno, Nev.
XPO acquired Turbo as part of Chairman and CEO Bradley S. Jacobs' plan to increase the company's revenue run rate.
