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TAMPA — Chemical trucking firm Quality Distribution Inc. bought into the booming oil and gas industry with a $79.3 million acquisition of two North Dakota firms: Wylie Bice Trucking LLC and RM Resources LLC.
The deal, announced late Monday, could cost Tampa-based Quality Distribution an additional $19 million if future operating and financial specifications are met, according to a release. Killdeer, N.D.-based Bice provides transportation services to the unconventional oil and gas industry within the Bakken shale region, Quality Distribution officials say. The firm also uses saltwater injection wells owned and operated by RM Resources. Bice and RM had combined revenues of about $106 million in 2011.
“The acquisitions of Bice and RM represent the single most significant step in expanding and diversifying our energy logistics business,” Quality Distribution CEO Gary Enzor says in a release.
Quality Distribution has 850 employees. The firm, which operates a chemical bulk tank truck network in North America, is publicly traded (symbol: QLTY). It had $635.3 million in 2011 revenues.
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