by Michael Tilley (mtilley@talkbusiness.net)

Fort Smith-based ArcBest announced Tuesday (Feb. 28) the sale of its FleetNet segment to Cox Automotive in a $100 million cash deal. The maintenance and repair unit of ArcBest generated 6.4% of overall revenue in 2022 and 1.5% of operating income.

Cox Automotive is a division of Atlanta-based Cox Enterprises, which also owns Cox Communications. Cox Enterprises has more than 55,000 employees and more than $20 billion in annual revenue.

“FleetNet has been a valuable part of ArcBest, giving us insight and expertise in equipment maintenance and repair. As an integrated logistics company, it is no longer core to our growth strategy,” said Judy McReynolds, ArcBest chairman, president and CEO, said in a statement. “We’ve enjoyed working with the wonderful team at FleetNet and have benefitted greatly from their innovative mindset.”

https://talkbusiness.net/2023/02/arcbest-sells-fleetnet-in-a-100-million-cash-deal/