Dallas-based refrigerated carrier Frozen Food Express Industries plans to sell AirPro, a motor vehicle air-conditioning parts and systems distributor, to AirPro Mobile Air LLC, a new limited partnership controlled by two members of AirPro’s senior management team.
When the AirPro sale is completed by the end of the month, FFE will continue to own 20% of the limited partnership.
“For some time now we have been working to focus our operations more closely with changing demands of our marketplace,” said Stoney ‘Mit’ Stubbs Jr., chairman & CEO of FFE. “To accomplish this, we had to direct our attention and our capital more closely to our core business, where we believe we can earn the greatest return on invested capital.”
Stubbs noted that FFE began selling off its non-freight businesses back in 2001. He also said that AirPro accounted for just 2% of FFE’s consolidated revenue in 2004, so the sale should have little impact on the carrier’s overall financial outlook.