News Briefs - Oct. 8
The Latest Headlines:
- G.I. Trucking Opens Bigger Terminal
- Cummins Declares Stockholder Dividend
- Teamsters Begin Talks on National Pact
- Crude Oil Price Falls With War Fears
- MAN Sues Daimler Over ERF Accounting
- Cummins Declares Stockholder Dividend
G.I. Trucking Opens Bigger Terminal
G.I. Trucking Company has opened a new terminal service center in Denver, Colo. which offers significantly more capacity, the company announced Tuesday.The new facility has 62 doors, the press release said, compared with 43 on the old one. In addition, it offers three new bays for routine maintenance.
The terminal also provides a gateway hub operation for Estes Express Lines and Lakeville Motor Express, two of G.I. Trucking's partners in the Express Link Network.
(Click here for the press release.)
Cummins Declares Stockholder Dividend
The board of directors of Cummins Inc. Tuesday declared a quarterly dividend of 30 cents per share, payable on Dec. 13 to shareholders of record as of Nov. 29.Based in Columbus, Ind., Cummins is one of the world's largest makers of heavy-duty diesel engines.
Although the company has not yet reported third-quarter financial results, it reported second quarter earnings of $.33 per share, or $13 million profit after taxes, on sales of $1.46 billion. Transport Topics
(Click here for the press release.)
Teamsters Begin Talks on National Pact
As the Teamsters and several less-than-truckload companies begin negotiations on the National Master Freight Agreement Tuesday, observers expect both sides to point to the closure of Consolidated Freightways in their bargaining positions, the Wall Street Journal reported.The current contract between the Teamsters union and the Motor Freight Carriers Association, the group representing the carriers, expires on March 31, 2003.
The agreement covers approximately 65,000 Teamster members in the United States.
The trucking companies are expected to say that CF closed because of high costs and inefficient operations, hoping to get some help from the union to keep expenses manageable and their businesses competitive.
The Teamsters claim the failure of CF is a shot in the arm for the industry, providing the survivors with extra business going forward.
Motor Freight Carriers Association represents Roadway Corp., Arkansas Best Corp. USF Holland Corp. and Yellow Corp. Transport Topics
Crude Oil Price Falls With War Fears
The price of crude oil fell to $27.76 a barrel on the International Petroleum Exchange Tuesday as analysts began to theorize that there will be no military action against Iraq until next year, Bloomberg reported.Fluctuations in the price of crude oil affect the prices of diesel fuel and gasoline.
Bloomberg reported that President George W. Bush said in a speech that military action against Iraq is not unavoidable, leading an analyst with Standard Bank to suggest that the possibility of such action is getting further into the future.
Bloomberg also noted that increased exports from the members of the Organization of Petroleum Exporting Countries and other oil producing nations are offsetting declines in inventories in the United States. Transport Topics
MAN Sues Daimler Over ERF Accounting
MAN AG is suing DaimlerChrysler AG's Freightliner unit in Britain, Bloomberg said Monday.The suit charged that faulty accounting at ERF, which MAN bought from Freightliner last year, contributed to MAN's loss of $47.9 million in 2001.
ERF had been acquired by Freightliner when it purchased Western Star, which owned the British maker of heavy trucks.
MAN's suit, Bloomberg reported, said the losses followed systematic falsification of ERF's books. Transport Topics
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