INDIANAPOLIS - Indianapolis-based Celadon Group Inc. has completed the sale of "substantially all assets" of its flatbed trucking division to a subsidiary of Alabama-based PS Logistics LLC. Financial terms of the sale were not disclosed.

Celadon says the deal mostly includes leased and owned trailers. PS Logistics has agreed to either assume or satisfy the lease obligations for the leased trailers and pay cash for the owned trailers. Celadon says it is also entitled to certain "post-closing goodwill payments."

Celadon Chief Executive Officer Paul Svindland says the sale is the result of a strategic plan aimed at concentrating the company's resources on divisions that "add value to customers and have the opportunity to generate acceptable revenue over time."

"Our new management team determined that we had neither the expertise nor the critical mass to compete in the flatbed sector," Svindland said in a news release. "Accordingly, we were pleased to offer our people and customers a good home with one of the largest and most successful flatbed operators in the U.S. The remaining CTSI business is undergoing an intense improvement phase with multiple initiatives taking hold into a rapidly improving freight marketplace. We expect to continue to execute on our strategic plan as we seek to refinance our capital structure."

The company says PS Logistics has also agreed to enter into contracts covering up to 100 independent contractor flatbed drivers, hire certain flatbed company drivers and operations employees, and assume certain customer contracts.