Executive Briefing - Feb. 27
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JDS Uniphase, SCI Systems Cut Jobs
Two telecom component makers joined the growing list of manufacturers announcing big layoffs, which translates into less production and consumer purchasing power and therefore can reduce potential truck shipments in coming months.JDS Uniphase (JDSU) , which makes products related to fiber optic communications, said Tuesday it plans to reduce its global workforce by about 3,000, primarily at plants in San Jose, Calif. and Ottawa.
SCI Systems of Huntsville, Ala., which makes base stations for cell phones as well as personal computers, said Monday it plans to cut about 3,800 jobs, or 10% of its staff, and close an unspecified number of facilities, the New York Times reported Tuesday.Transport Topics
(Click here for the SCI press release
TMM Reports 4Q Gain
Transportacion Maritima Mexicana, Latin America's largest multi-modal transportation and logistics company, reported a net gain of 39 cents a share in the fourth quarter, compared with a net loss of $3.5 million in the same period of 1999.For operations related to trucking, TMM said it plans to expand its land operations division in 2001. The trucking division will continue to focus on dedicated contract services and drayage.
The company is expanding its RoadRailer operations between various United States rail terminals and Mexican cities, so truck trailers can be carried on trains. Transport Topics
(Click here for the full press release.)
Axis to Track Toyotas During Delivery
Allied Holdings' Axis Group said Tuesday that it will provide vehicle tracking service for more than 1.5 million Toyota vehicles annually to U.S. dealerships.Axis said it will provide an estimated time of arrival on all Toyota Motor Sales vehicles in the United States, based on real-time data at points along the supply chain, including all modes of inland transportation.
Allied Holdings is the parent of several subsidiaries that provide logistics, distribution, and transportation services to the automotive industry, including vehicle delivery.Transport Topics
(Click here for the full press release.)
Gainsco Retreats from Trucking Insurance, Restructures
Sharp losses in its commercial trucking business helped drive Fort Worth, Texas-based insurance company Gainsco into a fourth-quarter loss, so the company said it is taking further steps to reduce its exposure to trucking coverage as part of a broad restructuring.Gainsco is a property and casualty insurance holding company, whose coverage lines include auto garage, general liability, commercial property, and other products besides commercial vehicles.
The company lost 52 cents a share in the quarter ended Dec. 31, compared with a profit of eight cents a share in the comparable 1999 quarter.
It said that "severe claims experience in the company's commercial trucking book was the primary reason" for poor financial performance last year, and that "our goal is to further mitigate the trucking problem" on top of an earlier announced plan. Transport Topics
(Click here for the full press release.)
