Global’s Chief to Buy 60% of Moving Firm

The chairman of Global Van Lines has agreed to pay about $12 million to buy 60% of the Orange-based mover from its Canadian parent company, according to a Global executive.

As part of the agreement, Global Chairman Edward Bland also has an option to buy the remaining 40% of Global at an undisclosed price and date, Global President Robert Seeler said Friday.

Bland also is president and founder of Contrans Corp. of Hamilton, Ont., Canada. Contrans acquired Global in 1986 from WKG Inc., a Houston trucking firm.

Seeler said Bland plans to step down as president of Contrans to become more active in Global, the nation’s eighth-largest moving company. Seeler said he also plans to remain as president and will be one of several minority partners in Bland’s deal.

Global, a residential mover that also ships electronic equipment, employs 150 workers at its Orange headquarters and has about 250 offices operated by independent agents across the country.

After reporting a loss of $3.5 million for its 1986 fiscal year, Global earned $622,000 in fiscal 1987. Seeler said earnings could reach $1.5 million for the current fiscal year.

Contrans returned Global to profitability partly by trimming the firm’s operations. Revenues, reportedly about $80 million in 1985, fell to $42 million for fiscal 1986. Revenues climbed to $57 million last year, and Seeler said he expects about $70 million this year.