ContainerPort Group Sells Off Portions of Company to Focus on Trucking Business
Cleveland, OH – ContainerPort Group (CPG) has announced the sale of its container yard, container sales, and depot operations in efforts to to streamline its portfolio of service offerings and focus on its core business: trucking.
On Tuesday, CPG said the container yard rail lift operation in Indiana, and Container Sales division of the company had been sold to Darien, IL-based ITS ConGlobal LLC.
The terms of the sale were not made public.
“This sale allows ContainerPort Group to really focus on its core services: drayage trucking and logistics solutions,” said Michael Smith, CEO of CPG’s parent company, World Group.
The sale affects more than 90 CPG employees.
Smith said the affected employees will transition to ITS ConGlobal.
He thanked them for “many years of service to CPG.”
The company said the transaction “is part of a larger strategic plan to focus time, energy, and resources” to its core strengths in order to better serve its customers and owner-operators.
CPG was founded in 1971 and has 26 terminal locations throughout the Midwest, Ohio Valley, Northeast, Southeast and Gulf regions, according to its website.
The company said it currently employees more than 1,300 independent contractors.
“Strengthening what we already do well will further bolster our market position and reinforce to customers how we can help get their freight where it needs to go,” Smith stated.
The sale is expected to be completed on March 15.
Photo courtesy CPG
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