Horizon sheds logistics arm to Pennsylvania's Logistics Plus

FINANCIALLY and legally troubled Horizon Lines has sold its Horizon Logistics business unit to Logistics Plus of Erie, Pennsylvania, reports American Shipper.


The Charlotte, North Carolina, Jones Act shipping company hinted in February that would shed the unit, which has been unprofitable. Horizon had been hit with a price-fixing federal fine of US$45 million, since reduced to $15 million, but is still at risk of failing to meet financial obligations. The situation has been aggravated by the recent announcement of the company's $33.3 million first quarter net loss.


Of his side of the deal, buyer Logistics Plus CEO Jim Berlin said: "The Horizon employees joining our team are a great cultural fit, and of the same customer-centric mindset that we are noted for in our business. We expect this transition to be smooth and seamless."


With 250 employees in 18 countries, Logistics Plus' portfolio of services include international ocean transportation, air freight forwarding, intermodal transportation management, distribution, warehousing and fulfilment, trucking and expedited delivery.
(Source:http://www.schednet.com)