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Celadon Announces Extension of Contract With DaimlerChrysler

12 October 1999

Celadon Announces Extension of International Contract With DaimlerChrysler; Annual Revenue From Contract About $35 Million

    INDIANAPOLIS, Ind.--Oct. 11, 1999-- Celadon Group, Inc. today announced it has reached an agreement with DaimlerChrysler to extend one of its current contracts by one year through December 31, 2000.
    "We are encouraged by the agreement extension. DaimlerChrysler has been a customer of Celadon's for its entire 14 year history," said Stephen Russell, Celadon's Chairman and CEO. "The contract that has been extended on similar terms and is for the transportation of DaimlerChrysler original equipment automotive parts primarily between the US and Canada from the North and Mexico on the South."
    "We believe this contract extension is verification of the high level of service Celadon strives to provide its loyal customers. DaimlerChrysler, which is an important customer for Celadon, currently represents about $60 million in revenue or more than 17 percent of our business. The other contracts we have with them continue through October 2000 and October 2001," Mr. Russell concluded.

    Celadon Group Inc., is a trucking company headquartered in Indianapolis, IN, that specializes in providing long-haul service (van truckload carriage and flatbed carriage) from the United States and Canada to and from locations in Mexico. Celadon is the #1 carrier connecting Mexico with the U.S. / Canada and the eighth largest truckload carrier in North America. The company is one of a limited number of companies that is able to provide or arrange for door-to-door transport service. Due to both increased trade between the United States and Mexico and the completion of two acquisitions during 1998, Celadon has developed a strong record of revenue growth and has diversified its customer base across a variety of industries.