News Briefs - Dec. 17
The Latest Headlines:
- USXP Forms Universal Express Transportation
- UPS Using Alternative Fuel Class 8 Trucks
- Industrial Production, Capacity Utilization Rise Together in Nov.
- Cummins Makes Management Changes
- Crude Oil Breaks $30 Barrier
- UPS Using Alternative Fuel Class 8 Trucks
USXP Forms Universal Express Transportation
Universal Express Inc. said Monday that it has formed a subsidiary unit, Universal Express Transportation Inc., to operate several transportation and logistical delivery acquisitions it presently has under consideration.The new unit will go by the trademark USXP Transportation, the company said.
USXP Transportation will join several other divisions at Universal Express, including Universal Express Capital, Universal Express Logistics and the Private Postal Network.
(Click here for the full press release.)
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UPS Using Alternative Fuel Class 8 Trucks
United Parcel Service Inc. said that it will introduce a line of 10 liquefied natural gas tractors into its West Coast fleet. The new tractors will run routes from California to Nevada, the company said.
"With the introduction of liquefied natural gas tractors, we now operate alternative fuel vehicles in every part of our fleet," said Ron Kirby, corporate automotive engineering manager. "We have a laboratory on wheels to identify the best options for reducing emissions and operating costs in heavy-, medium- and light-duty trucks.”
UPS said that preliminary data from the new tractors indicates that they provide ample power for over-the-road trucking, while “significantly reducing emissions, maintenance and operating costs.” UPS did say that the new natural gas-powered tractors were “substantially more expensive” to operate. Transport Topics
(Click here for the full press release.)
Industrial Production, Capacity Utilization Rise Together in Nov.
Production at factories, utilities and mines rose 0.1% in November, the Federal Reserve reported Tuesday.At the same time, capacity utilization rose to 75.6% in November, up from a revised figure of 75.5% in October.
Manufacturing production, just one segment of the industrial production report, grew in November after two straight months of decline, the Fed said.
Increasing factory production can help trucking companies that depend on freight shipments to retail stores from factories and warehouses.
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Cummins Makes Management Changes
Engine maker Cummins Inc. said Tuesday that it has chosen its chief financial officer, Thomas Linebarger, to head its power-generation division. Jean Blackwell, a former Indiana budget director, will replace him.Linebarger replaces Jack Edwards, who is retiring after 30 years with the Columbus, Ind.-based company.
The changes will officially take place on Feb. 1, 2003, with a short transition period to follow.
"In the Cummins tradition of providing broad experiences for our talented people, we are pleased to offer these outstanding executives new and exciting opportunities," said Tim Solso, chief executive officer. "While these are challenging positions, we are confident that all three have the background and expertise to make seamless transitions." Transport Topics
(Click here for the full press release.)
Crude Oil Breaks $30 Barrier
The price of crude oil surged over $30 a barrel in after-hours trading Monday on continued concern about a general strike in Venezuela, Bloomberg reported.Oil is often distilled down into motor fuels like diesel and gasoline, and changes in price are often passed on to consumers at the pump.
In electronic trading on the New York Mercantile Exchange, the price of oil for January delivery rose to $30.33 a barrel, Bloomberg said.
As a result of the higher prices, analysts believe that members the Organization of Petroleum Exporting Countries will find it difficult to hold to their recent pledge to stick to production quotas, Bloomberg said. Transport Topics
