A.M. Executive Briefing - June 14
This Morning's Headlines:
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Parker Hannifin Acquiring Wynn's Intl.
Parker Hannifin Corp. said it is acquiring Wynn's International Inc. in a cash tender offer worth about $497 million. Their deal calls for Wynn's shareholders to receive $23 for each share of Wynn's common stock, which works out to a 70% premium over its recent 20-day trading average. Parker will assume about $59 million of Wynn's debt; the deal should close in late July.Wynn's is a leading maker of precision-engineered sealing media for the automotive market; heavy-duty trucks; industry and aerospace. Parker serves all of these markets, with particular strength in commercial and industrial applications such as telecommunications and petrochemicals. The announcement noted that Wynn's strength on the original-equipment side of the business fits well with Parker's in the maintenance, repair and overhaul market. Transport Topics staff
Idaho Trucking Firms Say Federal Hours Proposals Are Unworkable
Idaho truckers are critical of the Federal Motor Carrier Safety Administration's hours-of-service proposals, saying the agency does not seem to understand how the long-haul trucking industry runs.Hank Brown, safety manager for Doug Andrus Distributing in Idaho Falls, criticizes the proposal to make truckers shut down for 32 to 56 hours every week, even if they are near their home base. "It would be like your employer saying, 'You've got the weekend off but you can't leave the office'," he says.
Brown also disagrees with the idea that it is unsafe for truckers to drive at night, since loading and unloading happens then and there are fewer vehicles on the roads.
In addition, TAS Trucking safety inspector Randy Holloway says that "from a scheduling standpoint, it's going to be a nightmare." Associated Press (06/14/00)
Trucker's Insurance Company to Cover Damages in Alabama Tanker Explosion
According to Alabama Department of Transportation division engineer Ronnie Poiroux, the insurance company of a truck driver whose tanker truck exploded on an eastbound Interstate 10 on-ramp in May will pay to have the damage repaired. Poiroux says that no taxpayer money will be spent on the repairs, and that it will take approximately three months to replace 245 feet of roadway that was damaged.The driver, C and G Tank Lines contractor Edgar Raymond Pelanne Jr., died in the wreck. Mobile Register Online (06/14/00); Colquitt, Ron
Fleet Tracking Takes Off in Europe
Fleet tracking and telematics service for commercial-vehicle fleets is a booming industry in Europe, with the U.K. firm Trafficmaster beginning a 24-hour-a-day monitoring service called Fleetstar and Global Telematics launching a trailer-tracking system. Trafficmaster is also partnering with Motorola to create a traffic information system in Germany that, Motorola hopes, could evolve into a navigation system covering the entire continent.U.K. firm Minorplanet Systems has allied with British Telecom and signed up such customers as the General Electric fleet operation; it will soon begin delivering its systems to trailer maker Schmitz Cargobull.
Meanwhile, automakers hoping to discover new sources of revenue are discovering that the arrival of advanced onboard electronics technologies are offering them a major opportunity as well. Sales of General Motors' Onstar system in North America could see an annual growth rate between 25% and 30% over the coming four or five years, predicts Graham Bell, sales and marketing director of Delphi.
In Europe, Peugeot-Citroen, DaimlerChrysler, and Ford are among the car manufacturers who have gone a long way toward integrating onboard Internet access into their vehicles. Such systems could enable both commercial drivers and motorists to realize better operating efficiency. Financial Times (06/14/00) P. 2; Griffiths, John
Compiled by Transport Topics staff and INFORMATION, INC. © 2000
