Cochrane Keeps Zest for Trucking
Fresh from 57 years at Overnite Transportation Co., Cochrane had a tremendous show of support from friends and former employees in trucking. He hoped to take his new venture public within four years of its start-up.
Though still flush with life and its possibilities, Cochrane has toned down his optimism about the prospects for his latest enterprise. This change in attitude is also reflected in his views about the industry he helped to shape.
"I enjoy working -- the trucking industry is in my blood," said the 86-year-old businessman. "I hate to say it, but my outlook isn't good."
Half a dozen new Volvo tractors are parked near a wall at the company's headquarters in Richmond, Va., awaiting drivers. The shortage of manpower to put in the cabs is Cochrane's No. 1 setback.
Highway Express faces other perils along the business road. Low rates have kept its growth in check, with some customers asking for reductions on an annual basis.
"I've had lots of opportunities, but the rates are just impossible," Cochrane said.
To diversify, Cochrane has looked for suitable business partners, particularly in the less-than-truckload segment.
"As I look at it, my idea wasn't just to go into the LTL business, my idea was to buy an LTL carrier, and I just haven't found one," he said.
With eight terminals and a fleet of 165 power units and 425 trailers, Highway Express brought in revenue of $24 million in 1998. Though the company has shown promising growth, Cochrane said he is farther from going public than he was three or four years ago.
But he is a man accustomed to building a company over the long haul.
For the full story, see the May 17 print edition of Transport Topics. Subscribe today.
