Executive Briefing - Jan. 31
- C.H. Robinson Reports 4Q Gains
- Analysts See More U.S. Cuts for Volvo Trucks
- New CEO, COO for Trism
- Amazon.com Cuts Workforce, Trims Distribution
- Truck Council Taps Petty as President
- American Axle Felt Pickup Pinch
- Roadway to Equip Fleet With OmniExpress
C.H. Robinson Reports 4Q Gains
Logistics company C.H. Robinson (CHRW) reported fourth-quarter earnings of 22 cents per share, a gain from 18 cents reported during the same period in 1999.The company said the gain was a result of increased truck transportation business. Transport Topics
(Click here for the full press release.)
Analysts See More U.S. Cuts for Volvo Trucks
Industry analysts said Wednesday that they expect Swedish truck maker AB Volvo (VOLVY) to make further cuts in its U.S. operations because of weak demand, Bloomberg reported.
So far, Volvo has already cut 1,000 workers from its North American truck manufacturing and scaled back production, Bloomberg noted. Transport Topics
New CEO, COO for Trism
Trism (TSMX) – a trucking company that specializes in flatbed, and heavy weight hauling – said that Chairman Thomas Krasner has also been named chief executive officer, and Warren Knight named as chief operating officer. The officials who previously held those jobs stepped down last October.Trism also announced that the company's senior lender, CIT Business Credit, has agreed to increase its credit availability by $1.7 million. The Kennesaw, Ga.-based company emerged from Chapter 11 bankruptcy protection in February 2000. Transport Topics
(Click here for the full press release.)
Amazon.com Cuts Workforce, Trims Distribution
Internet retailing giant Amazon.com (AMZN) said late Tuesday it was cutting 15% of its workforce or 1,300 jobs, and closing a distribution center.The action was yet another in a growing series of corporate layoff and facility closing announcements, which underscore how much the U.S. economic slump is taking hold. Many of the cuts are coming from manufacturing or retailing firms that are big freight customers for truck lines.
Seattle-based Amazon.com said it is closing a distribution center in McDonough, Ga. and a customer service center in Seattle that will now be operated seasonally. Transport Topics
(Click here for the full press release.)
Truck Council Taps Petty as President
The National Private Truck Council named Gary Frank Petty, former National Moving and Storage Association chief executive, as its new president.Petty fills a position that has been vacant since September, when former President John McQuaid resigned. He ran NMSA until it merged with the American Movers Conference and became the American Moving and Storage Association in 1998.
In addition to serving as an association executive, Petty has been president of two van line companies, Johnson/United International of Denver Colo. and Victory Allied International of Alexandria, Va.
NPTC, also based in Alexandria, is a trade association representing manufacturers, distributors, processors and retailers that use their own trucks for freight transport. Dan Whitten, Transport Topics
American Axle Felt GM Pickup Production Pinch
Component-maker American Axle & Manufacturing said General Motors' (GM) production cuts and high launch costs for heavy-duty commercial pickup trucks hurt its earnings in the fourth quarter, Bloomberg News reported Wednesday.Earnings fell 9.5% in the fourth quarter, the news service said. GM is the company's biggest customer.
American Axle earned 51 cents a share – more than the 48 cents analysts expected, Bloomberg said. The company said it expects to earn about 47 cents a share in the first quarter.
Detroit-based American Axle manufactures axle and steering components for light-duty and commercial trucks in the U.S., Great Britain, Brazil and Mexico. Transport Topics
Roadway to Equip Fleet With OmniExpress
Roadway Express (ROAD), a leading trucking company serving less-than-truckload shippers, will deploy the OmniExpress communications system in its fleet vehicles and 20 terminals across North America, Qualcomm (QCOM) announced.The supplier said OmniExpress uses a Code Division Multiple Access (CDMA)-based digital wireless fleet management system, for two-way communications and vehicle position reporting.
Qualcomm said Roadway had helped develop and field-test the system, and already has several hundred units installed. In all, Roadway uses more than 10,000 tractors. Transport Topics
(Click here for the full press release.)
