A.M. Executive Briefing - Sept. 30
This Morning's Headlines:
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Ceridian to Let Competitors Use Trucking Card System
In an agreement with the Federal Trade Commission, Ceridian Corp. will let competing systems take Ceridian cards used by trucking fleets and also give other companies licenses to use its Trendar processing network. Ceridian aroused the FTC's antitrust interest after Ceridian's Comdata Holding Corp. subsidiary took over NTS Corp. and Trendar Corp. There will be a 60-day comment period before the deal is effective. Minneapolis Star Tribune Online (09/30/99) ; Yu, RogerState Police Plan Crackdown to Put Brakes on I-78 Crashes
Concerned about the level of traffic accidents on I-78, Pennsylvania State Police Troop M Capt. Theodore Kohuth wants to increase enforcement on the road as well as have the troop's truck-inspection team focus on I-78. Kohuth also would like to see the creation of a public-private coalition to look into the issue. Morning Call (Allentown, Pa.) Online (09/30/99) ; Jackson, Kirk Beldon
Roadway Express Profits Rise 123 Percent in Third Quarter
Despite third-quarter revenues up merely 5.7% to $652.2 million from a year-earlier figure of $617.1 million, Roadway Express' earnings are up 123% to $9.64 million, compared to $4.3 million for the previous third quarter. [A Bloomberg Business News story in the Sept. 29 Greensboro, N.C., News & Record said the 50 cents per-share earnings beat a First Call analysts' poll average prediction by six cents per share.]Over the quarter, the company's overall tonnage went up 4.2%, LTL tonnage went up 4.4%, and TL tonnage went up 3.4%. The company's investor relations director attributes the growth in part to the introduction of two-day and other services. Cleveland Plain Dealer (09/29/99) P. 2C; Murray, Teresa Dixon
GATX Announces Acquisition of Leaman Logistics, Inc. and Formation of the GATX Chemical Logistics Group
GATX Corp. says it has taken over Leaman Logistics Inc., which serves the chemical industry. GATX put together its own chemical logistics operations – GATX Liquid Logistics and GATX Inventory Monitoring Services – with Leaman Logistics to create the GATX Chemical Logistics Corp.Leaman Logistics President and CEO J. Steven Hamilton will be the new chemical group's president and CEO, while erstwhile GATX Liquid Logistics managing director Stephen H. Fraser will be the new chemical group's executive vice president and chief operating officer. PR Newswire (09/29/99)
PNV.net Receives Series D Investment
The trucking communications, cable, and Internet company PNV.net Inc. says 3 million shares of its Series D stock have been bought by ABRY Broadcast Partners II, Halpern Denny Fund IV, and Cummins Engine Co. The price of each share was $10.50. Reuters (09/29/99)Oshkosh Truck Subsidiary - McNeilus Companies - Increases Mixer Drum Production at Three Locations
Top concrete-mixer maker McNeilus Companies is adding manufacturing of replacement drums at its site in Georgia and upping production ability at its chief site in Minnesota and another in California. McNeilus is a subsidiary of Oshkosh Truck Corp. Business Wire (09/29/99)© copyright 1999 INFORMATION, INC. Terms of Service
