A.M. Executive Briefing - Dec. 13
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Snow Hits St. Louis as Storm Heads East
A winter storm continued moving eastward Wednesday, dumping snow along the Interstate 44 corridor and hitting the St. Louis area, USA Today reported.The Missouri Department of Transportation said all interstates were snow-covered around 7 a.m. central time, though none of them had been closed.
A major ice storm pounded parts of northern Texas and Louisiana as well as much of Arkansas, where freezing rain was expected to topple trees and power lines, according to USA Today.
The National Weather Service predicted sleet and freezing rain for the Washington, D.C. area Wednesday evening, and snow for western Maryland. Transport Topics
Logistics.Com Selects New CEO
Logistics.com, Inc., a company that coordinates trucking logistics online, selected John Lanigan as the chief executive officer late Tuesday, the company said.Lanigan has several years of experience in the trucking industry including managing logistics and operations.
Dr. Yossi Sheffi, who founded the company in January, will remain chairman of the board as he returns to his teaching duties at the Massachusetts Institute of Technology, where he serves as professor of engineering systems and director of the Center for Transportation Studies.
Logistics.com is based in Burlington, Mass. Transport Topics
Parts Maker Valeo Plans U.S. Job Cuts
Auto parts maker Valeo (13033-PAR) is planning to cut jobs at several of its U.S. operations in 2001 due to slow sales at major U.S. automakers, Bloomberg reported Wednesday. Industry analysts predict the plant in Rochester, N.Y, with its 1,110 workers will be hit the hardest.Valeo has been concerned about recent announcements U.S. automakers have made about decreased production, the wire story said. For example, General Motors Corp. (GM), which buys $1.1 billion in parts from Valeo each year, announced Tuesday that it would cut production by 14% in the first two quarters of 2001. Additionally, Valeo has been apprehensive about DaimlerChrysler's (DCX) request to its suppliers to cut prices.
Paris-based Valeo is Europe's largest publicly traded car parts maker, Bloomberg noted. Transport Topics
National Distribution Buys Burnham Unit
National Distribution Centers, one of America's largest warehousing corporations, Tuesday announced the acquisition of the Manufacturing Support and Dedicated Operations Division of Burnham, a third-party logistics provider headquartered in Atlanta. The new division will operate as NDC Systems.The acquisition adds 11 facilities nationwide with 1.5 million square feet of operations space to NDC's asset-based logistics business, giving the Vineland, N.J.-based firm a total of over 13 million square feet in 70 facilities throughout the U.S.
Reverse logistics, including diagnostic testing, and manufacturing support will also be offered. Transport Topics
Delphi May Sell, End Some Product Lines
Sale or possible closure of product lines, and more temporary layoffs, are in store for Delphi Automotive Systems Corp. (DPH), Reuters reported late Tuesday.The world's largest automotive supplier plans to shift its business toward electronic products with higher profit potential, the news service reported. This could mean less business for carriers hauling auto parts, especially in the Midwest.
Partnerships or joint ventures with other companies are also possibilities, the story said.
Delphi been hit by downturns in the automotive industry, including this week's announcement by General Motors Corp. (GM) that it is phasing out the Oldsmobile line and making other production cutbacks.
The Troy, Mich.,-based company plans to spend $1 billion on capital projects in its core auto business lines in 2001, and is considering a stock buyback in the first quarter, according to Reuters. Transport Topics
Crude Prices Dip Slightly As Iraqi Oil Flows
Iraq began loading crude oil exports Wednesday, preventing a rise in crude oil prices due to a low heating oil supply, Bloomberg reported. The heating oil supply is low for the U.S. Northeast that expects colder-than-normal weather Thursday.Iraq's move signaled an end of a 12-day blockade of exports because of its price dispute with the United Nations. Oil prices slid downward on the news. In London, crude oil traded at $27.02 per barrel early Wednesday, down 4 cents from Tuesday's closing price. Transport Topics
GM to Cut Jobs at Light Truck Factory
After announcing it would kill off the Oldsmobile car line and lay off 15,000 workers worldwide, General Motors Corp. (GM) will cut 1,000 workers beginning Feb. 12 from its full-size pickup truck plant in Pontiac, Mich., Reuters reported late Tuesday. The layoff will be permanent unless sales improve.The plant makes the Chevorlet Silverado and GMC Sierra trucks that have brought high profits to GM, the report said. But market demand for these trucks is expected to decrease during the early part of 2001 due to a softening market. Transport Topics
Kaiser Shuts Smelter for 10 Months, Sells Power
Metal haulers in the Northwest may see business drop as an aluminum smelter closes until October 2001 so its owner can sell the electricity it would have used.Kaiser Aluminum Corp. will temporarily shut down the last 90,000 metric tons of its Northwest smelter capacity in Mead, Wash., completely ceasing production in the region, the company said. It has already sold the power for $52 million.
However, Kaiser's Trentwood, Wash. facility and the Tacoma rod mill will continue to operate with purchased metal from other sources, the company said.
A shortage of electric power in the West has fueled demand and prices for electricity, spurred by cold weather and California's electricity deregulation. Transport Topics
Headlines From Yesterday's P.M. Briefing
- Ice, Snow Hit West Texas
- GM to Phase Out Oldsmobile, Cut Jobs
- Illinois, Indiana Highways Still Icy After Blizzard
- Volvo May Sell Trucks in India
- Former Customs Inspector Gets Jail Time for Phony Memo
- Northwest Expanding Detroit-to-Shanghai Air Cargo Service
- Michigan Helps Businesses Make Sense of Repeat Traffic Offender Law
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