News Briefs - Jan. 5
The Latest Headlines:
- Rush Buys Peterbilt Dealers in Texas, Tennessee
- Supervalu to Purchase Total Logistics
- Velocity Express Gets $21 Million in New Financing
- Ruan Transport Buys Arbor Freight
- Announced Job Cuts Rose in December, Challenger Says
- Abraham Says New Energy Bill Will Be Approved
- Supervalu to Purchase Total Logistics
Rush Buys Peterbilt Dealers in Texas, Tennessee
Rush Enterprises Inc. said Tuesday it had completed an acquisition of “substantially all of the assets” of American Truck Source Inc.’s Texas and Tennessee Peterbilt dealership operations, for $131.2 million.Publicly traded Rush said the acquisition will give it rights to sell Peterbilt trucks and parts from five new locations in Dallas, Fort Worth, Abilene and Tyler, Texas, and Nashville, Tenn.
San Antonio-based Rush said in a statement the acquisition will give it 43 dealerships in nine states.
Supervalu to Purchase Total Logistics
Food retailer and wholesaler Supervalu Inc. said Tuesday it agreed to buy Total Logistics Inc. for $233 million in cash and the assumption of debt.Total Logistics is the holding company of Total Logistic Control, which is a national provider of integrated services.
The deal, which was expected to close within 45 days, was already been approved by both companies' boards, Supervalu said in a statement. Transport Topics
Velocity Express Gets $21 Million in New Financing
Delivery firm Velocity Express Corp. said Wednesday a group that included senior company officers had made a $21 million investment in the company.The money will be used to improve operations with new technology, strengthen the company's balance sheet and provide increased liquidity to continue its customer acquisitions, Velocity said in a statement.
The investors included Scorpion Capital Partners and Special Situations Fund and TH Lee Putnam Ventures, the company's largest investor. Velocity Chief Executive Officer Vincent Wasik and several of the company’s senior advisors also contributed, the company said.
Velocity is ranked No. 60 on the Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Ruan Transport Buys Arbor Freight
Contract carrier Ruan Transport Corp. said last week it bought Arbor Freight Service for an undisclosed sum.Mike Kandris, president of Ruan, told Transport Topics that Arbor Freight operates 75 trucks and 150 trailers in Indiana, Iowa and Wisconsin.
It was put up for sale after its owner died last fall, Kandris said. Transport Topics
Announced Job Cuts Rose in December, Challenger Says
The number of announced job cuts in the U.S. rose 4.3% to 109,045 in December from November, according to a report released Wednesday.he report, compiled by job-placement firm Challenger, Gray & Christmas, said that despite the rise in job cuts there was reason to be optimistic in 2005, Reuters reported.
John Challenger, chief executive officer of the placement firm said job cuts were likely to continue their decline in 2005, Reuters reported.
Announced cuts are not the same as layoffs or firings, because some employees are reassigned, other cuts never actually take place and some are done through early retirement and other means. Transport Topics
Abraham Says New Energy Bill Will Be Approved
Outgoing Energy Secretary Spencer Abraham said Tuesday a bigger Republican majority in the Senate would likely pass a national energy plan and back drilling in an Alaskan wildlife refuge this year, news services reported.Abraham also said the U.S. administration would continue to fill the Strategic Petroleum Reserve with a target of 700 million barrels, Reuters reported.
Abraham is due to step down when his replacement, Deputy Treasury Secretary Sam Bodman, is confirmed. Transport Topics
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