News Briefs - Nov. 1
The Latest Headlines:
- Eaton Complete Purchase of Dana Division
- DHL Announces Purchase of Canadian Delivery Co.
- Intermodal Loadings Rise in October's Last Week
- Crude Oil Rises for Second Straight Day
- DHL Announces Purchase of Canadian Delivery Co.
Eaton Complete Purchase of Dana Division
Eaton Corp. said Friday it has completed its previously announced acquisition of Boston Weatherhead, a unit of Dana Corp. at a cost of $130 million. The division, which makes hose, tubing and connectors for fluid power systems for heavy-duty trucks, industrial distribution and mobile off-highway applications, had sales of $207 million in 2001 and employed more than 1,000 workers.
The agreement was orginially announced on Oct. 1. Transport Topics
DHL Announces Purchase of Canadian Delivery Co.
DHL Worldwide Express said Friday that its Canadian subsidiary is purchasing Mayne Group Canada Inc. – a Canadian express delivery company.The purchase will, if approved by Canadian regulatory officials, make DHL Canada the third largest express delivery company in the country.
The purchase is scheduled to be finished by Jan. 31, 2003, the company said.
Mayne Group is better know by its brand name – Mayne Logistics Loomis. It is the Canadian arm of May Group Ltd., a leading Australian health care and logistics provider. Transport Topics
(Click here for the full press release.)
Intermodal Loadings Rise in October's Last Week
In the last full week of October, the number of intermodal rail loadings rose 7.1%, the Association of American Railroads reported Thursday.Intermodal is the segment of the rail business that competes most directly with long-haul trucking.
Container loadings, the largest segment of intermodal service, rose 10.6% to 147,714 loadings from the 133,533 containers loaded during the same week last year.
For the week ended Oct. 26, trailer loadings slipped slightly to 51,986 from 53,013 – a difference of 1.9% from last year.
For the first 43 weeks of the year, total intermodal loadings totaled 7.72 million – up 4% from last year. Transport Topics
Crude Oil Rises for Second Straight Day
The price of crude oil rose for a second straight day, even as there were indications that the United Nations was getting closer to an agreement on weapons inspections in Iraq, Bloomberg reported.Motor fuels like diesel and gasoline are distilled products of crude oil. Changes in its price can affect the price of fuel for trucking companies.
Russian Foreign Minister Igor Ivanov said that the five permanent members of the U.N. Security Council – Russia, the United States, the United Kingdom, France and China – have gotten closer to an agreement on the wording of a resolution authorizing inspections in Iraq for weapons of mass destruction, Bloomberg reported.
In the United State, crude prices rose 34 cents a barrel to $27.56 in electronic trading on the New York Mercantile Exchange.
Crude oil prices have been held up by fears of a potential military conflict in Iraq over its refusal to admit inspectors to look for evidence of a chemical, biological or nuclear weapons program. Transport Topics
