P.M. Executive Briefing - Dec. 6
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American Freightways Plans Terminal Near Utica, N.Y.
American Freightways (AFWY) plans to build a 100-door truck terminal in Montgomery, N.Y., Gov. George Pataki announced Tuesday.The $11.8 million investment will add 150 jobs to the local economy, as well as provide a major transportation hub benefiting businesses throughout the Hudson Valley, the governor said.
AF plans to buy 43 acres near Exit 5 of Route 84 in Orange County - about 60 miles East of Utica - with hopes of having the terminal up and running by the end of 2001, according to the governor's office.
NHTSA Says Firestone Tires Linked to 29 More Deaths
The National Highway Traffic Safety Administration said Wednesday that Firestone tires may have caused 29 more deaths than orginally reported, bringing the death toll to 148, the Associated Press wrote.In August, Firestone recalled 6.5 million ATX, ATX II and Wilderness AT tires due to numerous reports of tread separation. The Ford Explorer SUV, often used by trucking and municipal fleets, was originally equipped with these tires. Most deaths linked to the tires occurred when the separation caused the Explorer to roll over. NHSTA is investigating whether the tires were defective.
Late Tuesday, Ford and Bridgestone settled a lawsuit with the family of a Tennessee woman who died in July 1999 due to failure of the tires on her SUV. Transport Topics
Auto Supplier Visteon Hit by Softening Market
Trucking companies that haul automotive components got more disappointing news Wednesday as supplier Visteon (VC) warned of a steep fourth-quarter shortfall spurred in part by Ford Motor Co.'s (F) production cuts.CBS MarketWatch reported that Visteon expects a profit of 19 cents a share, considerably below the consensus Wall Street estimate of 66 cents. The fourth quarter of 1999 brought an 84-cent profit, the news service said.
Visteon plans to eliminate most production overtime, stop hiring, reduce capital spending and make significant reductions in discretionary spending, the company said Tuesday. The overtime cuts will likely lead to lower production and fewer shipments for trucking companies to haul.
Headquartered in Dearborn, Mich., Visteon is the world's second-largest automotive supplier. Transport Topics
Decoma Reports Increased Earnings in Slower Parts Market
Auto and truck parts maker Decoma International said Wednesday that its fourth-quarter earnings were $15.3 million or 26 cents per share compared to the same period last year when it earned $11.5 million or 21 cents per share.The Concord, Ontario-based company said its earnings rose despite a decreased vehicle demand in North America. It credited the purchase of Magna International, a European parts company, for its increased earnings. Transport Topics
Headlines From Today's A.M. Briefing
- Landstar Systems Expects Solid 4Q Earnings
- Dorsey Trailers Files for Bankruptcy
- Bridgestone, Ford Settle SUV Lawsuit
- Crude Oil Prices Recovering Slowly From Slide
- Voters Want Clean Trucks, Lung Association Survey Says
- Ill. Truck Emissions Testing Program Stalled
- RailAmerica Completes Kalyn/Siebert Sale to Heil
- ITS America Gets New President
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