A.M. Executive Briefing - Nov. 17
This Morning's Headlines:
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Covenant Transport Buys 2 Shippers for $45 Million
Covenant Transport, which in October bought the North Carolina carrier ATW, is set to purchase the outstanding shares of the Arkansas trucking and brokerage firms Harold Ives Trucking and Harold Ives Transportation. The deal, which also includes taking on debt, is worth about $45 million.In the past two years, Covenant has made half a dozen acquisitions. Chairman, President, and CEO David R. Parker said, "Our goal is for acquired businesses to contribute to earnings within two quarters. All of our previous acquisitions have contributed to earnings immediately." Chattanooga Times & Free Press (11/17/99) ; Beach, James
Overland Park, Kan.-Based Trucking Firm Loses Another Top Executive
Sam Woodward has left his position as Yellow Corp.'s senior vice president of operations and planning to become freightquote.com's president and CEO. Recently, former Yellow Chairman A. Maurice Myers took the position of CEO at Waste Management.Both freightquote.com, which gives price information and allows scheduling and monitoring of shipments online, and Yellow are based in Overland Park, Kan. Freightquote.com intends to expand its services to include truckload companies in addition to LTLs. Kansas City Star (11/17/99) ; Heaster, Randolph
Dealership Owner Eyes Next Step for Nextran
The Lake City, Fla., corporation Nextran, which owns Mack and Volvo dealerships in Florida, is looking toward future growth.extran, founded in 1992 by President and CEO Jon Pritchett, is the state's biggest heavy-truck dealer network, with eight locations around Florida. Between five and seven years from now, Pritchett would like to see revenue at twice the current level due to profitable growth rather than growth for its own sake. Roughly 220 trucks will be sent to foreign destinations by Nextran in 1999.
Rising truck sales has allowed Pritchett to expand his company from its original payroll of 70 employees to 240-plus now. Customers from one Nextran dealership benefit by having their truck information available at other Nextran locations.
Consolidation is ongoing in all industries, including dealerships, said Florida Trucking Association deputy director Rivers Buford III, who said well-off companies can design trucks for customers and keep spare parts on hand. "Nextran is a strong enough company that they will be on the acquiring end of the propositions in the future, as opposed to being acquired," said Buford. Florida Times-Union (Jacksonville) Online (11/17/99) ; Ostrow, Nicole
Roadway Express' Wickham Selected Logistics Executive of the Year
The National Industrial Transportation League has given its 1999 McCullough Logistics Executive of the Year award to Roadway Express Chairman and CEO Michael W. Wickham, a 31-year transportation veteran.In 1997, Wickham helped create the Motor Freight Carriers Association out of Trucking Management Inc., and he has worked in such industry groups as the American Trucking Associations, Commercial Vehicle Safety Alliance, and the NITL. Business Wire (11/16/99)
Ontario Transportation Minister to Make First Major Address to Trucking Industry
Delegates from the trucking industry in Ontario will see an address by provincial Transportation Minister David Turnbull Thursday morning at the Queens Park Breakfast, part of this year's Ontario Trucking Association convention. Two other ministers will be taking part in the breakfast.Also to speak Thursday at the convention, which is being held at Toronto's Regal Constellation Hotel, will be Mayors' Alliance on Nafta Superhighways Chairwoman Nancy Diamond, National Post editor-at-large Diane Francis, and CN Railway President Paul Tellier. Canada NewsWire (11/16/99)
Overnite Employees in Decatur, Alabama Petition to Decertify Teamsters
According to the National Labor Relations Board, workers at the Decatur, Ala., Overnite Transportation facility have filed a decertification petition against the Teamsters union. This brings the number of 1999 Overnite decertification petitions to 12. PR Newswire (11/16/99)© copyright 1999 INFORMATION, INC. Terms of Service
