P.M. Executive Briefing - Nov. 1
This Afternoon's Headlines:
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Volvo Takes Over Sub-Saharan Ops from Scandinavian Motor Corp
Volvo has acquired some Scandinavian Motor Corp. assets worth roughly $30 million, and starting on the first day of next year will be handling SMC's business in southern Africa, where about 500 Volvo trucks are sold annually. AFX News (11/01/99)Driving Excellence
Peterbilt Motors named American TruckSource Chairman Jesse Kirk its North American Dealer of the Year for his Dallas Peterbilt store. Kirk was a trucker himself at the outset of his career. Dallas Business Journal Online (11/01/99) ; Allen, Margaret
Gas Tax Increase Now Up to Voters
According to the office of the Oregon Secretary of State, the Oregon/Idaho American Automobile Association has exceeded the number of petition signatures necessary to put the legislature-approved gas tax measure on the May 16 ballot.The AAA opposes the measure's scuttling of the weight-mile tax on trucks, which the organization says makes trucks pay their share for damage to roads. But truckers say it is too tough to make the weight-mile tax work. A spokesman for the campaign in favor of the tax change says Measure 76, also on the ballot, would change the state constitution to mandate that the appropriate share is paid by different vehicles, solving the AAA's complaint. Associated Press (10/29/99); Beggs, Charles E.
Kenan Transport Company Announces Third Quarter Operating Results
Kenan Transport, which transports petroleum products, saw $35.6 million in third-quarter revenue, up from $34.1 million in the year-earlier quarter, with net income rising $8,000 to $1.249 million and earnings per share steady at 51 cents.While the company got more customers and there was more gasoline demand, higher fuel and labor prices and training affected the operating costs. For the first nine months of 1999, revenue was $103.5 million, up from $96.7 million, net income was $3.62 million, up from $3.57 million, and earnings per share rose 1 cent to $1.49. PR Newswire (10/29/99)
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