Patriot's subsidiary, Florida Rock & Tank Lines, Inc., will integrate Infinger into its tank truck carrier operations in an effort to expand its market reach.
"The acquisition both expands and strengthens our existing tank truck carrier business," said Florida Rock & Tank president John Mabbett. "We will gain access to new markets in the Carolinas while some of our current terminals will benefit from the addition of new volumes and resulting operating efficiencies."
Infinger Transportation currently operates from terminals in Charleston and North Augusta, SC, Charlotte and Wilmington, NC, Savannah, GA, Jacksonville and Tampa, FL. Included in the assets to be purchased are 109 trailers, 57 tractors and six other vehicles, said Patriot.
The acquisition may be an effort to halt shrinking revenues at Patriot's trucking subsidiaries. While Patriot's net income increased during its second fiscal quarter of 2002 to over $1.42 million, up from $750,000 in 2001, overall revenues decreased 26.7% over the same period.
Revenues from its transportation division fell 30.8% in its second fiscal quarter, mostly as a result of closing its third-party agent/owner-operator subsidiary Patriot Transportation last September.
