Hub to Keep Subisidiary for Now
The Hub Group of Lombard, Ill., has shelved for now its plans to spin off its distribution services subsidiary, but may put the company back on the market at a later date, according to a Hub executive.
arker said Hub wants to concentrate on building its core businesses of intermodal transportation, brokerage and logistics services. He cited this as evidence against published reports that the Yeager family wanted to sell its 65% interest in the company.
Hub had asked J.P. Morgan & Co. to find a buyer for its distribution services, business, but terminated its letter of intent to sell May 19.
Jay E. Parker, Hub’s chief financial officer, said management was not satisfied with the offers being suggested by potential buyers. He added that if the market changes, the distribution services division could be up for sale again.
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