P.M. Executive Briefing - Nov. 6
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Wisconsin Central Explores Sale Options
Wisconsin Central Transportation Corp. (WCLX) has retained the investment firm Goldman, Sachs & Co. as financial advisers to explore a possible sale of the company, the Journal of Commerce Online reported Friday.Wisconsin Central President and Chief Executive Officer Thomas F. Power Jr. said in a statement that the company will pursue a full range of alternatives, the story said. Transport Topics
Montreal Strikers Defy Back-to-Work Order
A two-week-old strike continued at the Port of Montreal this weekend, despite a legislative back-to-work order passed by the Quebec government last week, several news agencies report.
The strike has also had a strong impact on Quebec businesses. Some, like an asbestos mine and mill in Black Lake, have had or may have to lay off workers due to the strike; others such as specialty-food-shop merchants see their wares sitting at the port - and in the case of imported food, rotting on those docks, the Gazette also noted. Transport Topics
Railroads Taking on Trucking for Fresh Produce
Railroads are getting ready to rumble with trucking for fresh produce shippers and others needing fast service, the Wall Street Journal reported Monday.Refrigerated trains are being revived by Burlington Northern Santa Fe (BNI), with its Ice Cold Express. Trains that shuttle quickly between docks are in Union Pacific's (UNP) plans, according to the paper.
Railroads are reaping the fruits of their bottleneck-breaking efforts, the paper said, and hitting trucking at a time of driver shortages and high fuel costs. Some shippers are getting back on board. Sunkist growers reduced annual rail shipments to just 200 cars in 1999, compared with 25,000 cars 25 years ago. However, it plans to step up to 600 or 700 cards next year, the paper said.
BNSF is offering money-back guarantees for on-time delivery in good condition, and is spending about $100 million for 700 new refrigerated cars, the paper said. Those cars are almost twice as big as previous models, and have satellite-tracking devices that warn of temperature fluctuations as well as mechanical problems, the Journal said. Transport Topics
XTRA 4Q Earnings Up
XTRA Corp. (XTR) announced Monday its fourth-quarter earnings came in at $1.31 per diluted share, up from $1.28 in the same period of 1999.XTRA President and Chief Executive Officer Lewis Rubin said the fourth-quarter performance was a company record and the fourteenth consecutive quarter in which diluted earnings per share topped the same quarter of the previous year.
XTRA Corp. leases over-the-road trailers, marine containers, and intermodal equipment such as intermodal trailers, chas-sis, and domestic containers. Transport Topics
Trailmobile Canada President Resigns
Trailmobile Canada said Monday its president, Mark Burgess, has resigned to take on a senior position with an automotive OEM in the United States.Thomas E. Wiseman, vice president of sales and marketing for Trailmobile Corp., was named interim president, the company said.
Trailmobile Canada manufactures dry-freight trailers for commercial trucking customers in Canada and the United States. Transport Topics
Averitt Express Opens New Service Center in Richmond, VA
Averitt Express has opened a new service center off of I-95 in Richmond, VA. The facility has a 45-door operation within its 25,000 square foot building. It also features automated fueling as part of Averitt's new design concept, said the center's director Scott Simmons. Simmons said the center will continue to provide a range of freight transportation services, including less-than-truckload, expedited (ground and air), truckload, logistics and international services. The service area includes Richmond and its surrounding 75-mile radius.
Cookeville, Tenn.-based Averitt Express is a full-service freight transportation and logistics provider. It operates more than 80 service centers throughout the Southern United States, Canada, Mexico, and the Caribbean. Transport Topics
Headlines From Today's A.M. Briefing
- Cummins Will Cut 350 Jobs in Next Month
- Oil Prices Fall as U.S. Inventories Expected to Rise
- Emery, USPS Calling it Quits Jan. 7
- Daewoo Could Be Hours From Bankruptcy
- Kentucky to Hold Safety Summit
- Pa. Opens 6.3-Mile Section of Relocated U.S. Route 15
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