News Briefs - Aug. 11
The Latest Headlines:
- Yellow Says Savings From Roadway Deal Could Reach $198M
- I-64 Paving Project May Need to Be Redone
- Survey Says Gas Prices Rising Nationwide
- Amerco CFO Steps Down
- I-64 Paving Project May Need to Be Redone
Yellow Says Savings From Roadway Deal Could Reach $198M
Yellow Corp. said that the savings from its planned acquisition of Roadway Corp. could reach $198 million after five years, Bloomberg News reported.The two less-than-truckload giants announced the $966 million deal on July 8.
The Overland Park, Kan., company said that severance costs may be $1.7 million in the first year and the cost to combine the companies could be $3.6 million in the second year and $1.2 million in year three, according to a filing with the Securities and Exchange Commission, Bloomberg said.
I-64 Paving Project May Need to Be Redone
A 2.5-mile section of Interstate 64 that was just recently paved, may need to be torn up and paved again because of flaws that were identified last year, but not addressed until this summer, Virginia Department of Transportation told the Associated Press.The road had not been properly graded, engineers discovered in December while pouring concrete for the lanes in the Hampton Roads, Va., area. This could lead to water pooling on the road during rainstorms, causing drivers to hydroplane.
I-64 runs from Norfolk, Va., to St. Louis.
It was not until July 22 that a project manager told VDOT Commissioner Philip A. Shucet that the lanes did not meet minimum safety standards.
A remedy for the problem would be announced no later than Aug. 25, officials told AP. The worst-case scenario would call for the work to be redone completely at a cost of $5 million and 10 months of labor, AP said. Transport Topics
Survey Says Gas Prices Rising Nationwide
Rising crude oil prices have pushed gasoline prices higher across the country, indus-try analyst Trilby Lundberg said Sunday.Over the last two weeks, gasoline prices rose 3.87 cents a gallon to an average of $1.594, Lundberg told the Associated Press.
Gasoline, while not the primary fuel for heavy trucking, is important to some segments of the industry.
Despite the rising prices, gasoline prices are still about 14 cents a gallon lower than they were the same time last year, AP reported. Transport Topics
Amerco CFO Steps Down
Andrew Stevens, chief financial officer of Amerco relinquished his role on Aug. 8, the company announced.Amerco is the parent of truck rental company U-Haul International Inc.
Amerco filed for Chapter 11 bankruptcy in June, but the truck rental firm continues to operate.
The company said that a search for a replacement began on Aug. 8. Transport Topics
