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PAM Transportation Services Inc. of Tontitown will pay $19.8 million to buy Celadon’s trucking terminal in Laredo, Texas.
Celadon Group of Indianapolis filed for bankruptcy in early December. The two companies agreed to the transaction, which a bankruptcy filing said could be finalized as early as Friday; if the acquisition doesn’t go through by Feb. 14, the agreement can be terminated by Celadon.
The terminal is on 53 acres of land. Freightwaves reported the property included a 19,800-SF office, 130,000 SF of warehouse and a 37,000-SF garage.
PAM does significant business crossing the border into Mexico and has a terminal already in Laredo, which sits astride the border. The city’s World Trade Bridge has more than 10,000 trucks cross daily.