Van Line Logistics News Article

CHICAGO, September 10, 2004 — SIRVA, Inc., (NYSE: SIR), a global relocation services provider, has reached a definitive agreement to sell its Specialized Transportation business in North America to a group of its North American Van Lines agents.

SIRVA also announced its intention to sell its European Specialized Transportation business and its Transportation Solutions business. The company has retained an investment banker and is actively marketing these two operations. SIRVA’s Board of Directors approved the divestiture plan on September 9, 2004.

These three businesses combined accounted for approximately 16 percent of SIRVA operating revenue and generated a small operating loss in the first half of 2004. The asset-light Allied Special Products Division will be retained as part of the Allied moving business.

This effectively exits SIRVA from its asset-intensive logistics businesses globally. Effective for third quarter reporting, SIRVA will classify these businesses being held for sale under a “Discontinued Operations” heading on the income statement and separately classify the assets and liabilities on the balance sheet. Additional historical financial information reflecting this change will be provided when SIRVA announces third quarter results.

“We will now focus all of our talent and financial resources entirely on our high-growth, high-return Relocation Solutions and related Network Services segments,” said Brian Kelley, President and CEO. “These are our core strategic businesses where we have competitive advantage and can deliver continued strong growth in revenue, earnings and cash flow.”