Business
Mullen Group Ltd. Announces the Divestiture of Non-Core Assets
Mullen Group Ltd. Announces the Divestiture of Non-Core Assets Canada NewsWire ...
About this update from Mullen Group Ltd.
[{"type":"text","content":"\n \n \n \n Mullen Group Ltd. Announces the Divestiture of 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.prnml40{\nMARGIN-LEFT:3.33em !IMPORTANT\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. 12, 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 asset purchase agreement (the \"\n \n Transaction\n \n \") with Environmental 360 Solutions Ltd. (\"\n \n E360S\n \n \"), which included E360S purchasing the hydrovac assets and business operating out of\n \n Sherwood Park, Alberta\n \n , under the former operating entity Canadian Hydrovac Ltd. and the hydrovac assets and business operating out of\n \n Hardisty, Alberta\n \n , under the former operating entity Recon Utility Search L.P. (collectively, the \"\n \n Hydrovac Assets\n \n \").  The Transaction includes E360S hiring the personnel related to the operation of the Hydrovac Assets.\n \n \n \"\n \n Earlier this year we identified a few assets that we viewed as non-core to our long-term strategy.  Today I am pleased to announce that the Hydrovac Assets have been acquired by a strategic buyer.  E360S has a mission to expand in this dynamic and growing industry and is better positioned to take advantage of new opportunities.  At Mullen Group, we are focused on building an end-to-end supply chain solution for shippers, expanding our less-than-truckload network in\n \n Canada\n \n , adding additional warehouse capacity to meet customers' demands as well as building our intermodal capacity,\n \n \" said Mr.\n \n Richard J. Maloney\n \n , Senior Operating Officer.\n \n \n Mullen Group has agreed to a transition period with E360S customary for a transaction of this nature to ensure ongoing service to the customers, along with allowing for the appropriate time to properly transfer and register all of the Hydrovac Assets and onboard all personnel.\n \n \n \n About Mullen Group Ltd.\n \n \n \n Mullen Grou...