Celadon Group Inc. has announced the completed sale of its flatbed business, Cheetah Transportation, to American Trans-Freight (ATF). The sale represented all of the company's flatbed truckload business.

Celadon indicated that it would realize about $6 million in net proceeds as a result of the sale. Associated with the transaction, The Indianapolis-based company will incur a non-cash, primarily goodwill write-off of about $2 million on an after-tax basis.

"Cheetah represented approximately 8 percent of total revenue and was not strategic to the future of the company, which is primarily a van truckload business," said Steve Russell, Celadon's chairman and chief executive officer. "We had acquired Cheetah in June 1995 and, with the sale, achieved an overall average annual return of approximately 15 percent."

The company will reportedly continue to act as an agent to ATF on any future flatbed truckload business.