Arkansas Best Selling Clipper Unit to Canadian Firm for $20 Mln.

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ess-than-truckload carrier Arkansas Best Corp. said in a regulatory filing Tuesday it has reached an agreement in principle to sell its Clipper intermodal subsidiary to a Canadian firm for $20 million.

img src="/sites/default/files/images/articles/arkansasbestlogo.gif" width=70 align=right>The buyer is Bluenose Holdings Inc., a subsidiary of Wheels Group, Mississauga, Ontario.

"The agreement is subject to the negotiation of definitive terms and to the arrangement of financing," according to the filing.

obert Davidson, Arkansas Best's chief executive officer, disclosed the planned sale at Bear Stearns' Global Transportation Conference Tuesday in New York.

Clipper took in $25.7 million in revenue in the first quarter, up from $23.5 million a year earlier.

rkansas Best's LTL unit operates under the name ABF Freight System.

Arkansas Best ranks No. 17 on the Transport Topics 100 list of the largest U.S. and Canadian for-hire carriers.