MARTEN TRANSPORT ANNOUNCES SALE OF ASSETS RELATED TO INTERMODAL BUSINESS
MONDOVI, Wis., July 22, 2025 (GLOBE NEWSWIRE) -- Marten Transport, Ltd. (Nasdaq/GS:MRTN) announced today it has entered into an agreement to sell assets related to its intermodal business to Hub Group, Inc. (NASDAQ:HUBG).
The transaction is structured as an asset sale of certain intermodal equipment, including over 1,200 refrigerated containers, and contracts to Hub Group, Inc. for $51.8 million in cash, and is expected to close by the end of the third quarter subject to certain customary closing conditions.
Executive Chairman Randolph L. Marten stated, "We have worked to bring clarity and focus to our integrated business strategy, and this transaction is a reflection of that process. We look forward to investing in and positioning our core operations to capitalize on profitable organic growth opportunities."
Marten will continue to operate its multifaceted business offering a network of time and temperature-sensitive and dry truck-based transportation and distribution capabilities across five distinct business platforms – Temperature-Sensitive and Dry Truckload, Dedicated, Brokerage and MRTN de Mexico.
Fox Rothschild LLP is serving as legal counsel to Marten Transport, Ltd. with respect to the transaction.
About Marten Transport
Marten Transport, with headquarters in Mondovi, Wis., is one of the leading temperature-sensitive truckload carriers in the United States, specializing in transporting and distributing food, beverages and other consumer packaged goods that require a temperature-controlled or insulated environment. The Company offers service in the United States, Mexico and Canada, concentrating on expedited movements for high-volume customers. Marten's common stock is traded on the Nasdaq Global Select Market under the symbol MRTN.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, a discussion of the expectations regarding the closing of the asset transaction and Marten's prospects for future growth, and by their nature involve substantial risks and uncertainties, and actual results may differ materially from those expressed in such forward-looking statements. Important factors known to the Company regarding risks to its business are discussed in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACTS: Tim Kohl, Chief Executive Officer, Doug Petit, President, and Jim Hinnendael, Executive Vice President and Chief Financial Officer, of Marten Transport, Ltd., 715-926-4216.
