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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 22, 1999
(January 7, 1999)
LANDAIR CORPORATION
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(Exact name of registrant as specified in its charter)
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Tennessee 000-24615 62-1743549
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(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
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430 Airport Road, Greeneville, Tennessee 37745
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (423) 636-7000
N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On January 7, 1999, Landair Transport, Inc.("Landair Transport"), a
wholly-owned subsidiary of Landair Corporation, completed an asset purchase
transaction in which it acquired certain assets of Laker Express, Inc.
("Laker"). Laker is a truckload dry van carrier based in Indianapolis, Indiana
and operates predominantly in the Midwest in the short to medium haul market.
The assets acquired included 225 tractors, approximately 550 trailers,
a lease of a terminal facility and certain other assets used in connection with
the Laker operations. These assets are being integrated into Landair Transport's
existing operations.
Dennis Pressler, the sole shareholder of Laker, has agreed to work with
Landair Transport and has entered into a two year consulting agreement.
The aggregate consideration paid to Laker consisted of approximately
fourteen million dollars ($14,000,000) in cash. The aggregate consideration paid
in connection with the acquisition was determined based upon arm's length
negotiations between the parties.
The source of funds for the cash consideration paid to Laker was from
borrowings under Landair Corporation's credit facilities.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
LANDAIR CORPORATION
Date: January 22, 1999 By: /s/ Eddie R. Brown
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Eddie R. Brown
President
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