CH Robinson sells off payments business for $302M
MINNEAPOLIS (AP) — Trucking and logistics company C.H. Robinson Worldwide Inc. said on Tuesday that it sold its payment services business for $302.5 million.
The business, T-Chek Systems Inc., is being acquired by Electronic Funds Source LLC, a privately held company based in Nashville, Tenn.
T-Chek has handled vendor payments and fund transfers for the transportation industry. It has been expanding further into financial services, including expense management for other industries.
T-Chek has been a unit of C.H. Robinson since 1984. It has 190 workers, most of them based in Minnesota. C.H. Robinson said the new owners expect to "retain a Minnesota presence.
T-Chek has annual revenue from payment services of $49.3 million, and operating income of $24.6 million, C.H. Robinson said.
C.H. Robinson shares rose 54 cents to close at $60.90.