A.M. Executive Briefing - Oct. 23

• Headlines From Yesterday's P.M. Briefing

GE Merging with Honeywell

GE's Chairman Jack Welch said he would delay his retirement to see the merger through.

General Electric is involved in a broad range of products and services from making aircraft engines to providing financing and trailer leasing for truck fleets, while Honeywell is part owner of Bendix Commercial Vehicle Systems, a maker of brake systems. United Technologies manufactures a wide variety of transportation products and owns International Fuel Cells, Transport Topics

USFreightways Posts Lower 3Q Earnings

Those earnings were on target with the average analysts' estimate of 92 cents per share given by Zacks Investment Research. USFreightways had previously issued a statement saying third-quarter earnings would be negatively impacted by a slight economic slowdown.

Through its various subsidiaries, USFreightways offers less-than-truckload and truckload transportation, logistics, and domestic and international freight forwarding. Transport Topics

Paccar Beats 3Q Estimates

While that figure is below 1999 third-quarter earnings of $1.83 per share, it tops analysts' estimates of $1.01 per share given by Zacks Investment Research.

Paccar Chairman and Chief Executive Officer Mark Pigott called the North American truck market "very challenging," adding that new truck demand has been "dampened" by factors such as high fuel prices and interest rates. Transport Topics

FedEx Opens 340,000-square-foot 'Super Hub' in N.J.

The largest and most advanced distribution hub in the FedEx Ground network, the Woodbridge facility is part of a three-year, $500-million expansion initiative launched in January 1999 to boost the company's total package-processing capacity by 50%. It will serve as the central distribution point for the New York metropolitan and New Jersey region and significantly expand the carrier's overnight-ground service in the Northeast.

In addition, FedEx Ground continues to expand its FedEx Home Delivery network, which now comprises 67 delivery terminals nationwide. Over the next year, the company will open approximately 150 more FedEx Home Delivery terminals, increasing the service's reach from 50% to 80% of the U.S. population by September 2001. Transport Topics

Accuride 3Q Sales Down on Market Slump

"Accuride clearly felt the impact of the heavy duty truck industry decline over the past quarter, which industry analysts have linked to high levels of new trucks in inventory, continued high fuel prices, tightening of credit, and a glut of used trucks," said Accuride President and Chief Executive Officer Bill Greubel. "Due to this downturn, several of our key customers have announced production cutbacks, and/or have downsized their workforce." Transport Topics

Siemens, International Open Joint-Venture Facility

The 200,500-square-foot facility in Richland County, S.C., is where SDST will manufacture low-pressure, common-rail digital valve fuel injectors for International's diesel engines. This is part of International's clean-diesel effort, and the more environmentally-friendly fuel injectors are expected to be ready for commercial use by 2002, the company said.

International Engine Corp. is a wholly-owned subsidiary of Navistar International Corp. (NAV), which also makes medium and heavy trucks. Transport Topics

Sypris Cancels Purchase of Dana Truck-Parts Plant

due to lower heavy truck demand in North American, Bloomberg reported.

Sypris and Dana had signed a letter of intent in July for Dana to sell its Marion, Ohio forged-metal truck parts plant for an undisclosed amount, and the purchases was expected to be completed by the end of 2000, the story said. However, the downturn in the heavy truck market led Sypris to back down from the deal, according to Bloomberg. Transport Topics

Driver Joins Twin Brother as J.B. Hunt's Three-Million-Milers

The brothers are the only two drivers in J.B. Hunt history to reach the three-million-mile mark, a milestone reached by few in the industry, the company said. Both have been driving for J.B. Hunt since 1977, and said they make safety "a habit" on the road. Transport Topics

Nissan, Mitsubishi in Forklift Pact

he deal involves shared supply lines and mechanical parts as well as sales channels. It's the first such alliance by major Japanese companies in the sector, Bloomberg said.

Nissan is returning it's balance sheet to black, preparing to post its first full-year profit in four years, and seeing shares gain by two-thirds so far this year, according to Bloomberg.

Nissan shares fell 0.5% to 667 yen, while Mitsubishi Heavy rose 0.2% to 438 yen in Tokyo, the news service said.

Headlines From Friday's P.M. Briefing

• United Technologies, Honeywell End Talks
• UPS e-Logistics to Open Kentucky Distribution Center
• CES Wireless Launches Vehicle-Tracking Technology
• Spartech Expects 4Q to Fall Within Estimates
• Mitsubishi Outlines Recall Procedure
• Safeway Stays Stocked Despite Summit Strike
• Senate Establishes Permanent Heating Oil Reserve

form method="post" action="http://www.truckline.com/scripts/submany.pl">

Get the latest trucking news sent directly to you! Subscribe to our daily e-mail newsletter! Full Name: E-mail Address: