DB Schenker, one of the world’s leading logistics service providers, today announced the completion of its previously announced acquisition of USA Truck (NASDAQ: USAK), a leading capacity solutions provider. The transaction was approved by USA Truck’s stockholders at a special meeting of stockholders held on September 12, 2022.
Pursuant to the terms of the merger agreement entered into on June 23, 2022, USA Truck stockholders will receive $31.72 per share in cash for each share of USA Truck’s common stock that they hold. In connection with the completion of the transaction, USA Truck will operate within the network of DB Schenker and, as of today, no longer trade on the NASDAQ exchange.
Jochen Thewes, Chief Executive Officer, DB Schenker said, “We are very excited to grow our North America operations in terms of both market share and geographical footprint. This is part of a bold ambition that we will become – together – the premier North American transportation solutions provider.”
Joe Jaska, Executive Vice President Land Transport for the Americas Region, DB Schenker, will be taking immediate responsibility for the expanded Land Transport services offered by DB Schenker in the United States. He said, “I have been a strong believer that our teams would fit together perfectly from the first conversation I had with USA Truck because we are so closely aligned with our mission and values. USA Truck’s success has been driven by their impressive employees – all of whom are critical to our future growth – and we are delighted to be welcoming them as an integral part of our team.”
Jaska added, “As a combined company, we remain focused on our shared growth vision and look forward to building upon USA Truck’s existing operations as our platform for growth in North America. We expect that customers will benefit from our comprehensive and strengthened global logistics expertise, including complementary international resources, air transport services and ocean gateways.”
“We are thrilled for USA Truck’s next chapter, together with a partner that appreciates our history, mission and values and is well-positioned to support our future growth,” said George Henry, Chief Operating Officer, USA Truck. “We are looking forward to realizing the full potential of our combination, which is a testament to the quality of the USA Truck brand, the trusted relationships we’ve developed with customers across the country, and above all, the hard work and relentless commitment of our teams.”
Founded in 1983, USA Truck has provided comprehensive capacity solutions to a diverse North American customer base, including more than 20% of the Fortune 100. USA Truck’s approximately 1,900-unit fleet of trucks, 2,100 employees, partnerships with more than 36,000 active contract carriers, strategic network of terminals across the Eastern half of the United States and a nationwide third-party logistics presence will immediately provide capacity solutions to meet the evolving demands of both regional and national DB Schenker customers.
In the USA, DB Schenker offers land transport, air, and ocean freight, as well as comprehensive logistics solutions and global supply chain management services from a single source. The USA international hubs include Atlanta, Dallas, New York, Los Angeles, Miami, Chicago, San Francisco, and ocean gateways include weekly express service from all major USA points and ports to over 150 global destinations, with DB Schenker export consolidation hubs in Seattle, San Francisco, Los Angeles, Houston, Atlanta, Miami, Charleston, New York, and Chicago.
DB Schenker in the United States, as of today has over 9,000 employees - in over 40 locations and 55 logistics centers and over 21 million sq. ft. of distribution operations.
Cautionary Statement Regarding Forward Looking Statements
DB Schenker cautions investors that any forward-looking statements or projections made by DB Schenker, including those made in this announcement, are subject to risks and uncertainties that may cause actual results to differ materially from those projected.