Forward Air Completes Towne Acquisition
Forward Air Corp. said March 9 it has completed its $125 million acquisition of Towne Air Freight.
The deal, first announced in early February, combines two of the largest companies specializing in transporting cargo to and from U.S. airports.
Forward Air estimated that the purchase will add at least $140 million in revenue this year and boost profits by 26%.
Founded in 1963, Towne offers time-sensitive less-than-truckload shipping, truckload service, an extensive cartage network, container freight stations and dedicated trucking.
Forward Air is ranked No. 46 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers. Towne Air Freight is No. 86.
