August 5, 2011 / 9:50 PM / 7 years ago

UPDATE 1-Parkland to sell long-haul transportation units

* To sell units to Seaboard Liquid Carriers for $23.5 mln

* Deal to help co focus on fuel marketing business (Follows alerts)

Aug 5 (Reuters) - Canadian fuel distributor Parkland Fuel Corp said it was selling its Petrohaul and Wiebe long-haul transportation businesses to Seaboard Liquid Carriers for $23.5 million.

The company said the deal would allow it to allocate capital and resources to its fuel marketing business, and help reduce maintenance costs.

As part of the deal, Parkland will also sell tractors, tanks, trailers and light trucks, as well as several properties in Northern Alberta, which were earlier used by Petrohaul and Wiebe transportation.

It also said it signed a multi-year service agreement with Seaboard for distribution services.

Shares of the Red Deer, Alberta-based company closed at C$10.69 on Friday on the Toronto Stock Exchange. (Reporting by Maneesha Tiwari in Bangalore; Editing by Roshni Menon)

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