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Today's Trucking Staff
19,000 trucks and counting: XPO buys Con-Way for $3 Billion
GREENWICH, CT.--If you've ever mused that it'd be great to sell off your assets and get into the, say, 3PL business, one of the biggest trucking deals in history should give you a reason to think otherwise. In early September, the colossal freight brokerage pros XPO Logistics Inc., bought Con-Way Inc. for about $3 billion, officially making the logistics company the second biggest LTL carrier on the continent. The combination will grow XPO's global ground transportation network to approximately 19,000 owned tractors and 46,000 owned trailers, 10,000 trucks contracted through independent owner operators, and access to more than 50,000 independent carriers.
Some Toronto Container Truckers Hit Picket Lines
BRAMPTON, ON - A strike by independent truckers who are members of the Container Trucking Association of Ontario (CTAO) is having a negative impact on the free movement and flow of goods when it comes to container deliveries in the Greater Toronto Area (GTA)...or maybe it isn't.
Canadian Bank Buying GE Capital Transportation Finance
CHICAGO, TORONTO, and FAIRFIELD, CT -- General Electric Corp. has agreed to sell its GE Capital Transportation Finance business in the U.S. and Canada to BMO Financial Group (BMO), the parent of BMO Bank of Montreal, and to its wholly-owned Chicago-based subsidiary BMO Harris Bank. Terms of the deal have not been released though BMO said the acquisition has net earning assets of approximately US$9 billion. The transaction is subject to customary regulatory and other approvals and is expected to close in December of 2015. The move is the latest by GE to sell off most of the assets in its GE Capital Financing operation. "We continue to execute on our asset sales and are on track to reduce our ending net investment by US$100 billion by the end of 2015 and expect to be substantially done with our exit strategy by the end of 2016," said Keith Sherin, GE Capital chairman and CEO.
Trucking Conditions Index at Highest Level This Year
BLOOMINGTON, IN - A measure of trucking conditions in the U.S. continues to improve, reaching a new high for the year, according to freight transportation forecasting firm FTR. Its newly released Trucking Conditions Index (TCI) measure for July continued its recent rise with a reading of 8.07. Substantial upward revisions to first quarter freight growth have helped to push full year growth projections close to 4%, said FTR. The stronger freight forecast is now reflected in the improved TCI readings which had been languishing in very modest territory. Additionally, recent revisions to U.S. second quarter gross domestic product (GDP) growth suggests that improvements in freight drivers could possibly continue, according to FTR. Along with these improvements, FTR is forecasting double digit positive TCI readings by the end of the year. "Stock market gyrations may have caused concern, but the freight market continues to chug along. Pressure to add more drivers has momentarily eased, yet freight continues to increase and rates paid to truckers are still relatively strong," said Jonathan Starks, FTR's director of transportation analysis.
Alain Masse Named President of UAP
MONTREAL -- Genuine Parts Co. (GPC) has appointed Napa Canada's Executive Vice President Alain Masse as president of UAP Inc. A wholly owned subsidiary of GPC, UAP Inc. is a Canadian provider in the distribution, merchandising and remanufacturing of automotive parts and replacement accessories for cars, trucks and heavy vehicles.
U.S. Looks to Boost Truck Weight Limit
WASHINGTON, D.C. -- A proposal is set to be introduced in the U.S. Congress that would allow individual states to increase the federal vehicle weight limit to 91,000 pounds for tractor-trailers equipped with a sixth axle, if passed and signed into law by President Obama.
