DJ Roadrunner Transportation To Spin Off Logistics Arm -- Market Talk
0756 ET - 07:56 ET - Trucker Roadrunner Transportation Systems plans to spin off its logistics arm as a privately held company. Roadrunner is controlled by Elliott Management, whose efforts to turn the business around have been complicated by a weakening freight market. The spinoff, expected to be completed in August, would create two independent companies: one doing business as Roadrunner Freight and housing the less-than-truckload and truckload businesses, while Ascent Global Logistics would offer domestic freight management, international freight forwarding and expedited transportation. Roadrunner says the split would create shareholder value and allow each business to grow in their respective markets while reducing corporate spend. (jennifer.smith@wsj.com; @JenSmithWSJ)
(END) Dow Jones Newswires
July 27, 2020 07:56 ET (11:56 GMT)
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