Under the agreement, Simon acquires 19 tractors and sixty 53-foot, refrigerated trailers within the next 90 days, subject to delivery of clean title. Simon agrees to lease those tractors and trailers until completion of the purchase and also agrees to assume existing leases on 10 additional tractors. As part of the transaction, Simon will lease the two terminal facilities and all furniture, fixtures, office and computer equipment and other assets in the terminals for one year. Simon also acquires 70 Qualcomm satellite communications units and other assets.
Scott Ort has agreed to join Simon as manager of the former Ort Trucking business and has agreed not to compete in the truckload industry for a period of five years. Simon will have the opportunity to hire Ort Trucking's approximately 130 company drivers, 50 owner-operators, and office and shop personnel. It is expected that most of Ort Trucking's operations personnel will remain in New London.
Simon Chief Executive Officer Jon Isaacson says, "We welcome Scott Ort and his fine team to Simon. We are excited about the possibility of adding as many of the Ort Trucking drivers as possible while acquiring only 29 additional company power units. The acquisition will provide the opportunity to add up to 100 drivers to seat existing Simon trucks, which would improve our productivity and efficiency. We also will have the opportunity to add to Simon's growing fleet of owner-operators.“
