Three of the nation’s major package couriers behind
United Parcel Service (
UPS) and
FedEx Corp. (
FDX) have instituted major changes of ownership, stock exchange listing and corporate organization.
CD&L (CDV) said Jan. 18 it signed a letter of intent to be acquired by Detroit-based Noble International (NOBL), a supplier of automotive parts that is moving into transportation.
Neither party would reveal the price, but a joint statement said the companies hope to finish a definitive agreement by early February that would have to be approved by CD&L shareholders. Both companies are publicly traded and must eventually file documents with the Securities and Exchange Commission.
Based in South Hackensack, N.J., and formerly known as Consolidated Delivery and Logistics, CD&L is a same-day ground and air delivery and logistics business with 78 offices in 24 states and Washington, D.C. For the first nine months of 2000, it lost $866,000 on revenue of $177.5 million. It has not yet published year-end figures.
For the full story, see the Jan. 29 print edition of Transport Topics. Subscribe today.
