DOWNERS GROVE, Ill. – Roadrunner Transportation Systems has sold its intermodal business to Universal Logistics Holdings for $51 million in cash.
A soft intermodal market, effects of Hurricane Dorian, and a malware attack were reasons for the sale, Michael Gettle, Roadrunner’s chief operating officer, told an investors’ conference call.
Roadrunner has provided drayage services between rail ramps, ocean ports, and shipping docks through 23 U. S. terminals. It’s also a less-than-truckload carrier and third-party logistics company.
On 2019 third quarter revenues of $459.1 million, Roadrunner’s net loss was $97.8 million, officials say, with the malware attack and the recent General Motors strike affecting margin by $6 million.
