Fleet Purchases and Expansions

M.S. Carriers, Memphis, Tenn., agreed to purchase assets of Interstate Trucking Corp. of America, a dry van truckload carrier based in Merrill, Wis.

Chairman Mike Starnes said he expects to hire 280 drivers, enter into short-term leases for ITC's power units and purchase 803 trailers. Upon completion of the acquisition, the operations of ITC will be integrated into M.S. Carriers' operations.

"Along with providing much needed capacity to our network," Mr. Starnes said, "this acquisition will give M.S. Carriers a greater presence in both the Upper Midwest and the paper industry."

The deal is subject to a number of conditions, including due diligence and approval of M.S. Carriers' board of directors. It is expected to close within 30 days.

Mr. Starnes said the acquisition should add to earnings by the first quarter of 1999.

Transit Group, Atlanta, agreed to acquire a Mississippi-based truckload carrier for a combination of cash and stock.

The Mississippi company, whose name was not released, generates $21 million in annual revenue and is operating profitably, Transit Group said.

The deal is subject to due diligence, financing and other conditions and is expected to be completed in the fourth quarter of 1998.

Transit Group President Philip Belyew said the acquisition will increase the company's share of the truckload freight market and will immediately add to earnings.

Transit Group has made a total of 11 acquisitions since it began consolidating trucking companies in June 1997.

Aim Leasing Co., Girard, Ohio, expanded its truck rental and leasing business in the Chicago area and in the Southwest with the purchase of assets from Refrigerated NationaLease of Chicago.

The purchase included more than 800 pieces of equipment and added 75 employees to Aim's payroll with new locations in Elmhurst, Ill., and Phoenix.

Aim operates 29 facilities throughout the country.

Earlier this year, Aim purchased two locations from Biddle NationaLease of Philadelphia. The acquisition included 250 pieces of equipment and 30 employees in South Holland, Ill., and Allentown, Pa.

A warehousing and distribution unit of USFreightways Corp. acquired Moore & Son Co. of Columbus, Ohio, from William and Robert Moore for an undisclosed amount of cash.

Moore & Son operated an assembly and distribution business serving all points in Ohio.

USF Distribution, based in Bolingbrook, Ill., operates similar centers in Illinois, Georgia, New Jersey, Colorado and California.

Rosemont, Ill.-based USF is the parent of a group of regional less-than-truckload carriers, freight fowarder USF Seko Worldwide, a truckload carrier and a logistics company.

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