ArcBest trims product offering with $100M sale of FleetNet

Transportation and logistics provider ArcBest announced the sale of FleetNet America after the market closed Tuesday. The unit, which provides emergency roadside and preventive maintenance services, was sold to Cox Automotive for $100 million.

The deal closed Tuesday with ArcBest (NASDAQ: ARCB) receiving a cash payment for the full amount, which is subject to taxes and customary adjustments. ArcBest expects net proceeds of $75 million from the deal and said it will book an after-tax gain of...

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