A.M. Executive Briefing - Oct. 18
This Morning's Headlines:
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Volvo Says Less Keen on U.S. Acquisition Now
AB Volvo says it is not as interested in a North American acquisition as a step toward growing its U.S. business than it was one year ago. "We see that organic growth could do it for us in the U.S. market," says information head Per Lojdquist. This comes in spite a quote from a company executive in a Swedish newspaper last week that the company would look for a North American acquisition after the company's Scania takeover and Mitsubishi agreement. Reuters (10/18/99)Strong Volume Growth at UPS Drives Increase in 3Q Profits
UPS says it saw third-quarter net income of $577 million, up from $449 million in 1998's third quarter, with a $38 million international operating profit, up from a $15 million loss. Third-quarter diluted earnings per share rose to $1.03 from 81 cents. The company attributes the gains to sizable growth in volume both in the United States and worldwide.
Trucker is Charged in Death of Girl Killed in August Crash
Trucker Johnny J. Hunt, 53, of Houston, was indicted Tuesday on a charge of criminally negligent homicide regarding the Aug. 12 accident that killed 15-year-old Ideria Batrice Holmes.Hunt was witnessed exceeding the speed limit on a service road before running a red light and hitting the Ford Escort in which Holmes was riding, according to the prosecutor as well as police reports and court records. The other two people in the Escort were seriously injured.
Hunt, Allied Metals and Huges Supply Inc. were sued in September by relatives of Holmes. Houston Chronicle (10/15/99) P. 31A; Brewer, Steve
Simon Transportation Reports Fourth Quarter 1999 and Fiscal Year Results
Simon Transportation Services says in the fourth quarter of FY99, which ended Sept. 30, it saw revenue of $53.3 million, up 6% from the year-earlier quarter, with a $485,756 net loss, down from $321,668 net earnings in the fourth quarter of FY98. Revenue for the fiscal year was $209.1 million, up 8%, with a $3.2 million net loss, down from $338,144 net earnings in FY98.The loss was blamed on higher fuel costs and too few drivers for the company's tractor fleet, although the company's "operating ratio has improved approximately 5 points over the past three quarters," says Chairman, President, and CEO Richard D. Simon. PR Newswire (10/15/99)
Trucker Arrested at Home in Illinois
Police arrested trucker Michael Rogers at his home in Metropolis, Ill., on Friday after he did not report to a Thursday hearing. Rogers was indicted on a charge of manslaughter regarding a March 1 accident on the Maine Turnpike in which Rogers' trailer went over the median and hit a car, after which the car and trailer were struck by another truck. The car's driver, Giulio Simeti, died of decapitation in the accident. Associated Press (10/15/99)Teamsters Withdraw From Representation Election at Overnite's Mobile, Ala., Service Center
Overnite Transportation learned Friday from the National Labor Relations Board that the Teamsters were pulling out of an Oct. 21 election, which therefore has been canceled, at Overnite's service center in Mobile, Ala. Five elections were set up for the Teamsters at sites where the union had lost in the past; the union has now withdrawn from the initial two. PR Newswire (10/15/99)Illinois Experiments With Automatic Truck Weighing
The state of Illinois has been trying out the PrePass system, which allows trucks to bypass weigh stations with a weight sensor in the road and a transponder that automatically communicates with a computer in the weigh station, at the station on I-55 around Williamsville. According to Shannon Alderman of the state Transportation Department, states introducing PrePass in the past found trucking companies stepping up compliance with safety and other rules so that they can use PrePass.PrePass distributor Heavy Vehicle Electronic License Plate foots the bill for having PrePass installed, and trucking companies pay to join in. Electronic License Plate President Dick Landis says when a state introduces PrePass, officials "can concentrate their efforts on the ones who aren't complying with the regulations." Associated Press (10/15/99) ; O'Connor, John
Dana Corporation's Spicer Heavy Systems Assembly Division Granted ISO 14001 Environmental Certification
Dana Corp. says the Spicer Heavy Systems Assembly Division qualifies to be certified ISO 14001, a certification oriented toward protecting the environment and cutting pollution. The division makes chassis for Class 8 trucks from such companies as Mack Trucks and Western Star Trucks. PR Newswire (10/15/99)© copyright 1999 INFORMATION, INC. Terms of Service
