P.M. Executive Briefing - Sept. 17
This Afternoon's Headlines:
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Volvo Trucks Utilizes Global Industrial Structure - D12 Engines From Brazil Go to Gent
Volvo Trucks is establishing global diesel-engine production as its Curitiba, Brazil, engine factory sends D12 engines to the assembly site in Gent, Belgium. The company's other engine plant in Skovde, Sweden, has had a tough time keeping up with rising truck demand in Western Europe and North America.Volvo has spent $60 million on its Curitiba engine plant, which opened in June. In the past, Volvo's Brazilian plants only made D100 and D120 engines for use in Brazil. Some components used at the Curitiba plant are produced in Skovde. M2 Presswire (09/16/99)
New 407 Tolls Highway Robbery, Critics Say
Critics of the now privately-owned Highway 407 in Canada are complaining that the private owner, 407 ETR, has raised off-peak tolls and made peak hours longer.The highway's 407 Web site lists among the toll changes a hike in tractor trailer tolls from $0.21 per kilometer to $0.24. On Sept. 27, the evening peak hour's start will be moved from 4 p.m. to 3 p.m.
Bob Nichols of the Transportation Ministry says 407 ETR's government contract only allows it 2 percent annual toll raises unless the highway sees a certain traffic volume. But members of opposition parties are complaining that 407 ETR is merely trying to get as much money out of drivers as possible. Business Geographics (07/99) Vol. 7, No. 7, P. 30
Nomination Deadline Nears for Goodyear's 17th Annual North American Highway Hero Award
Goodyear Tire & Rubber Co. has set an Oct. 15 deadline for nominations for this year's Goodyear North America Highway Hero Award, which is open to full-time U.S. or Canadian truckers who have done something heroic."Over the past 17 years, we've heard many stories of bravery and selflessness," says Mike Thomann, the company's marketing director of commercial tires. "We believe that the general public, which too often sees a negative portrayal of truck drivers, needs to hear these stories as well."
Nominations can be placed online at www.goodyear.com or by calling (800) 627-2118; nominees are subject to certain criteria. PRNewswire (09/15/99)
CEOs Favor Regional Approach to Roadwork
A task force of the Michigan Business Roundtable, a group of chief executives, is pushing proposals for the future of the state's road infrastructure, including a diesel tax hike. The recommendations come as the state legislature is about to debate the state's road funding.The business roundtable is to meet Tuesday to discuss road matters. "With the kind of piecemeal approach to the funding strategies, and how some roads have local jurisdiction, some have state jurisdiction, it's really difficult to get a comprehensive plan together so you know what road conditions to expect," says Detroit Renaissance Inc. communications director Anne Masterson.
Other task force recommendations include creating regional road supervision, higher road-construction standards, and going after more transportation funding from the federal government. Crain's Detroit Business (09/13/99-09/19/99) Vol. 15, No. 37; P. 47; Lane, Amy
People: AEI; Rose Moving & Storage Co.
Christina Soutar, formerly logistics manager at GM Logistics Support Co., has been named manager, automotive logistics, at AEI of Romulus, Mich.Dearborn, Mich.-based Rose Moving and Storage Co. has named Kregg Boreani as vice president of relocation services. Boreani is formerly of the Allied Van Lines international division. Crain's Detroit Business (09/13/99-09/19/99) Vol. 15, No. 37; P. 36
CORRECTION: Trism Files for Chapter 11 Reorganization
The Georgia-based TL carrier Trism Inc. has made its announced Chapter 11 reorganization filing official Thursday as lawyers representing the company got the petition to the Wilmington, Del., federal Bankruptcy Court just before the court closed early due to Hurricane Floyd. "They're up there puddling around in a huge rainstorm trying to get that done," says President and CEO Ed McCormick.The company has $86 million worth of senior subordinated notes due late next year. The company did not make its payment in June, "to draw the attention of the bondholders," says McCormick. The company put together a restructuring plan that will lower its debt by $56 million and push back the due date to 2004. The Trucker Online (09/16/99); Whitsett, Jack
(Editor's Note: The above item is a corrected version of a brief posted in this morning's A.M. briefing. The amount of debt was incorrectly stated.)
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