ADESA's Great Rigs Sold to The Waggoners Trucking.Business Editors/Automotive Writers INDIANAPOLIS--(AutomotiveWire)--June 17, 2002 ADESA Corp. has sold substantially all of the assets of its transportation subsidiary, Great Rigs Incorporated, to The Waggoners Trucking, based in Billings, Mont. Terms of the deal were not disclosed. The sale is part of an ongoing initiative by ADESA and its parent company, ALLETE, to focus on core businesses while maintaining access to key services through outsourcing, as necessary. "The sale of Great Rigs in no way reflects a de-emphasis on transportation," said Jim Hallett, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ALLETE Automotive Services. "Transportation and logistics services are a critical part of vehicle remarketing, and this move will allow ALLETE Automotive Services to integrate these services with our overall offerings." The Waggoners Trucking will provide transportation services to ADESA auctions and their customers, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. David Waggoner, president of The Waggoners Trucking. The new owner will take over operation of Great Rigs' headquarters facilities in Moody, Ala. Employees of Great Rigs will be offered employment opportunities with Waggoners. "The acquisition of Great Rigs is a good move for us and we're excited to expand our service offerings to ADESA auctions and their customers," Waggoner said. "The addition of the Great Rigs customer base will greatly enhance the continuity of our existing operations." The Waggoners Trucking is an auto transport, flatbed and oil services operation. The family-owned business, founded in 1951, is an ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9002 registered company with more than 1,100 employees across North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . ALLETE's corporate headquarters are located in Duluth, Minnesota. ALLETE's holdings include ADESA, the second largest wholesale vehicle auction network in North America; Automotive Finance Corp. (AFC (1) (Application Foundation Classes) A class library from Microsoft that provides an application framework and graphics, graphical user interface (GUI) and multimedia routines for Java programmers. ), the leading provider of independent auto dealer inventory financing Inventory financing Used in the context of factoring and general finance to refer to loans to consumer product producers that use inventory as collateral. See also: Inventory loan. ; Minnesota Power, a low-cost electric utility that serves some of the largest industrial customers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; and significant real estate holdings in Florida. For more information about ALLETE, visit the company's web site at www.allete.com. The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion