Swift Acquires Mexican Partner

Swift Acquires Mexican Partner

Copyright 2004, Traffic World, Inc.

Phoenix-based Swift Transportation, the nation''s largest publicly held truckload carrier, is buying the remaining 51 percent of Trans-Mex, a Mexican truckload carrier, after owning the other 49 percent since 1990.

With the purchase, Swift becomes the first U.S. trucking company with 100 percent ownership of a Mexican carrier.

Trans-Mex operates about 350 trucks with annual revenue of approximately $40 million. Swift said the purchase price for the 51 percent share was $31 million consisting of $11 million in cash and 942,155 shares of Swift common stock that currently is selling around $21.50 per share.

Trans-Mex is one of the top five international trucking companies operating in Mexico.

"We formed this venture four years ago to offer excellent service to our customers with cross-border freight," said Jerry Moyes, Swift chairman and CEO. "The financial and service performance of Trans-Mex has exceeded our expectations. As contemplated in our original agreement in 1990, we have acquired the remaining ownership interest in this carrier. We expect Trans-Mex will continue to grow as we expand with our customers'' needs."