FFE sells dry van division to Celadon

| Thursday, October 20, 2011

Since early October, truckers in the dry freight services division of Dallas-based Frozen Food Express Industries Inc. have been awaiting their fate after the company announced its restructuring plans, which included selling off 435 dry van trailers and 290 tractors.

On Thursday, Oct. 20, Celadon Group Inc. founder and Chief Executive Officer Steve Russell told Land Line that his company, headquartered in Indianapolis, was buying the dry van division of FFE, and planned to rehire as many FFE drivers as possible.

“We are offering jobs to the (FFE) drivers as long as they meet our criteria,” Russell said. “Our business is basically consistent with what their folks did in the dry van division at American Eagle Lines, which was the dry van division of FFEX.”

Russell said their plan is to make the transition time for drivers to return to work “as short as it possibly can be.”

The Celadon CEO said the plan to buy FFE’s dry van division was put in motion after he received their press release announcing their restructuring plans on Oct. 5.

“We’ve done this all since that time,” he said.

Russell said that this is Celadon’s eighth acquisition in the past 10 years. According to Celadon’s website, the publicly traded company has revenues exceeding $550 million and has more than 4,000 employees and 3,300 tractors.

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