A.M. Executive Briefing - Jan. 11
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Canadian Firm Clarke Buying Four U.S. Companies
Ontario-based Clarke Inc., which offers a number of trucking and transportation-related services, said Thursday it is doubling the size of its freight management division by buying four U.S. companies.Clarke announced that it has acquired the assets and operations of three U.S.-based freight management companies: Focus Carriers of Memphis, Tenn., with annual revenues of $23 million; Kenley Trucking of Atlanta, with annual revenues of $10 million; and Creative Logistics of Ripon, Calif., with annual revenues of $7 million.
On Feb. 10, Clarke will close the sale of Brandywine Consolidators of Philadelphia, with annual revenues of $16 million.
Old Dominion Expects Lower 4Q Earnings
Old Dominion Freight Line Inc. (ODFL) said Thursday it expects fourth-quarter earnings to be between 28 cents and 32 cents per share, considerably lower than the 41 cents per share posted a year ago.Company Chairman Earl E. Congdon said severe winter weather increased expenses and hurt revenues in the fourth quarter. He also said the slowing national economy has pinched the transportation industry.
Based in High Point, N.C., Old Dominion is a less-than-truckload carrier of general commodities and consumer goods. The company is ranked 37th in the most recent edition of the Transport Topics 100. Transport Topics
Potential Saudi Oil Cut Drives Crude Prices Up
Anticipation that Saudi Arabia may reduce oil production before the Jan. 17 meeting of the Organization of Petroleum Exporting Countries drove crude oil prices higher Thursday, Bloomberg reported.The article did not say when Saudi Arabia, the world's largest oil producer, was expected to lower production. However, it did say that the Saudis will also reduce supplies to Asian markets, another factor that increased crude oil prices
In New York, crude oil prices on Wednesday climbed 17 cents to close at $29.65 per barrel, its highest level in 13 weeks. In London, crude rose 42 cents to $25.76 in early Thursday trading.
U.S. Energy Secretary Bill Richardson plans to meet with OPEC officials prior the Jan. 17 meeting to discuss increasing petroleum stocks, the article said. Transport Topics
Federal-Mogul Gets New CEO, COO
Truck-component maker Federal-Mogul Corp. (FMO) has named Frank E. Macher as its new chief executive officer and Charles G. (Chip) McClure the new president and chief operating officer, the company announced Thursday.Macher is a 30-year veteran of Ford Motor Co. (F), and in his last position headed the Automotive Components Division.
McClure worked at Johnson Controls Inc. (JCI) from 1983 to 1997. In his last position, he was president of the company's American division. He also spent four years at Ford as a heavy-duty truck sales engineer.
The company recently received $550 million in new credit lines, the Wall Street Journal reported Thursday. The company has been coping with an onslaught of claims for asbestos-related illnesses, the Journal said. Transport Topics
DOT Gives UPS Final Approval for China Flights
United Parcel Service (UPS) got final approval Wednesday for six weekly round-trip flights to China, according to the Department of Transportation.DOT solidified its tentative decision of Nov. 21, allowing UPS to fly to Beijing and Shanghai from Ontario, Calif., and Newark, N.J., via Anchorage, Alaska.
UPS hopes begin the flights April 1, the Wall Street Journal reported.
As expected, DOT also gave Northwest Airlines (NWAC) and FedEx Corp. (FDX) one weekly round-trip flight each to expand their existing cargo services. Transport Topics
Headlines From Yesterday's P.M. Briefing
- Westport Delivers LNG Heavy Trucks to Private Fleet
- Privately Held NTE Reports Growth in 2000
- Mitsubishi, Volvo and Renault to Jointly Build Midsize Trucks
- Study Says Auto Industry Slow to Get Online
- @Track Gets Recapitalization Plan With English Firm
- Clarifying: No NHTSA October Recalls Announced
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