Swift Transportation Co. Inc. has completed its acquisition of an additional 51 percent interest in Trans-Mex Inc. S.A. de C.V. giving it 100 percent ownership of the Mexican truckload carrier.
The purchase price for this 51 percent interest was $31 million consisting of $11 million in cash and 942,155 shares of Swift common stock. Swift has agreed to file a registration statement with the Securities and Exchange Commission for these shares within the next 90 days.
Through this acquisition, Swift becomes the only United States trucking company with a 100 percent ownership interest in a Mexican carrier, claim Swift officials.
Jerry Moyes, chairman and chief executive officer, said: "As contemplated in our original agreement in 1990, we have acquired the remaining ownership interest in this carrier. We expect Trans-Mex will continue to grow as we expand with our customers' needs."