- K&S Corporation are scheduled to sell their Regal General Freight business to Centurion Transport
- Centurion would offer employment to 90 of the 150 employees of Regal’s general freight business
- Centurion had brought Regal’s contracts for a nominal price
K&S Corporation set to sell its Regal General Freight business to Centurion Transport.
Regal General Freight is a Western Australia freight company and is located North of WA. It services Broome, Derby, Karratha, Newman, Port Headland and Onslow.
K&S says Centurion had brought Regal’s contracts for a nominal price and would have access to its fleet at commercial rates for a transition period.
The board decided this transaction will improve shareholder returns and provide ongoing certainty to the employees and customers.
“The transaction will allow K&S Corporation to focus on its core competencies, including its Regal Heavy Haulage business which will continue to be operated and invested in by K&S Corporation,” the company said.
K&S is a leading provider of transport and logistics solutions within its target markets in Australia and New Zealand.
According to West Australian, Centurion would offer employment to about 90 of the 150 employees of Regal’s general freight business.
Centurion is a Perth based company and is one of Australia’s largest independently owned and operated logistics and transport company.
“K&S Corporation will redeploy (or sell) assets that are not currently generating an adequate rate of return in the Regal General Freight business and the Transaction will also release working capital of approximately $7 million,” the company announced.
The parties are hoping to complete this acquisition by August 30.