DB Schenker announced the completion of its acquisition of USA Truck. The new acquisition will add 1,900-unit fleet of trucks and 2,100 employees to DB Schenker USA’s present team of 7,000. USA Truck’s stockholders approved the transaction at a special meeting of stockholders held on September 12, 2022.
USA Truck stockholders will receive $31.72 per share in cash for each share of USA Truck’s common stock that they hold. In connection with the completion of the transaction, USA Truck will operate within the network of DB Schenker and no longer trade on the NASDAQ exchange.
Jochen Thewes, Chief Executive Officer, DB Schenker, said, “We are very excited to grow our North America operations in terms of both market share and geographical footprint. This is part of a bold ambition that we will become – together – the premier North American transportation solutions provider.”
Joe Jaska, Executive Vice President of Land Transport for the Americas Region, DB Schenker, will be taking responsibility for the expanded Land Transport services DB Schenker offers in the United States. He said, “I have been a strong believer that our teams would fit together perfectly from the first conversation I had with USA Truck because we are so closely aligned with our mission and values. USA Truck’s success has been driven by their impressive employees – all of whom are critical to our future growth – and we are delighted to be welcoming them as an integral part of our team.”
“We are thrilled for USA Truck’s next chapter, together with a partner that appreciates our history, mission and values and is well-positioned to support our future growth,” said George Henry, Chief Operating Officer, USA Truck. “We are looking forward to realizing the full potential of our combination, which is a testament to the quality of the USA Truck brand, the trusted relationships we’ve developed with customers across the country, and above all, the hard work and relentless commitment of our teams.”
Source: DB Schenker