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Mullen Group Ltd. Announces the Divestiture of Additional Non-Core Assets
Mullen Group Ltd. Announces the Divestiture of Additional Non-Core Assets Canada NewsWi...
About this update from Mullen Group Ltd.
[{"type":"text","content":"\n \n \n \n Mullen Group Ltd. Announces the Divestiture of Additional Non-Core Assets\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n OKOTOKS, AB\n \n \n ,\n \n \n Dec. 15, 2022\n \n \n /CNW/ - (TSX: MTL) Mullen Group Ltd. (\"\n \n Mullen Group\n \n \", \"\n \n We\n \n \", \"\n \n Our\n \n \" and/or the \"\n \n Corporation\n \n \") announced today the closing of an additional purchase and sale agreement (the \"\n \n Transaction\n \n \") with a third party whereby Mullen Group agreed to the sale of real property that includes an operating terminal and associated lands consisting of 4.5 acres (the \"\n \n Terminal\n \n \") in\n \n Surrey, British Columbia\n \n . Tenold Transportation Ltd. (\"\n \n Tenold\n \n \") currently operates out of the Terminal, however, will be moving to a more fit for purpose facility in\n \n Abbotsford, British Columbia\n \n .\n \n \n At the beginning of 2022, we established a number of priorities for Mullen Group, which included managing the balance sheet. As part of this process, we identified a number of non-core assets including the Tenold Terminal. With the closing of this Transaction, along with our previously announced sale of the Hydrovac Assets, we have divested approximately\n \n $50.0 million\n \n of non-core assets this year. We will be close to our target of virtually no bank debt by year end 2022.\n \n \n \n About Mullen Group Ltd.\n \n \n \n Mullen Group is one of\n \n North America's\n \n largest logistics providers. Our network of independently operated businesses provide a wide range of service offerings including less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation. In addition, we provide a diverse set of specialized services related to the energy, mining, forestry and construction industries in western\n \n Canada\n \n , including water management, fluid hauling and environmental reclamation. The corporate office provides the capital and financial expertise, legal support, technology and s...