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CH Robinson sells off payments business for $302M

Tuesday, 16 Oct 2012 | 6:55 PM ET

MINNEAPOLIS -- 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.

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