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Economy
Wabash National buying Supreme body builder
LAFAYETTE, IN - Wabash National is purchasing Supreme Industries -- the second-largest maker of truck bodies in the U.S. - as an answer to the growing e-commerce segment. The cash offer is valued at US $21 per share, which equates to an equity value of $364 million and enterprise value of $342 million. The company expects to realize at least $20 million in annual cost savings by 2021, largely through corporate and procurement expenses and operational savings. Supreme, founded in 1974, recorded $299 million in sales last year and has seven facilities across the country. (All figures are in US dollars.) The Wabash portfolio includes dry freight vans, refrigerated vans, liquid and dry bulk tank trailers, and platform trailers.
Bendix reports production increases in June and July
ELYRIA, OH - Bendix Commercial Vehicle Systems reports increased demand at three of its commercial facilities. Last week the company, a member of the Knorr-Bremse Group, which develops and supplies active safety technologies, energy management solutions, and air brake charging and control systems and components for medium- and heavy-duty trucks, tractors, trailers, buses, and other commercial vehicles throughout North America, reported production milestones across all three of its facilities due to increasing orders.
Navistar ending medium-duty engine production
LISLE, IL - Navistar will stop producing medium-duty engines at its plant in Melrose Park, Illinois, beginning in the second quarter of its 2018 fiscal year. Most of the proprietary engines made in Melrose Park are nine- and 10-liter models for Class 6 and 7 trucks. Navistar reintroduced the option of a 6.7-liter Cummins engine in 2013, followed last year with the option of a nine-liter Cummins. Cummins engines for Class 6 and 7 trucks are produced in Indiana and North Carolina, while Navistar makes big-bore engines for Class 8 trucks in Alabama.
Overall TFI revenue up, but TL drags
MONTREAL, QC - TFI International saw a 23% boost in revenue in the second quarter of 2017, reaching $1.12 billion - but Canada's largest carrier still posted a $47.2 million operating loss because of a $129.8 million goodwill write-off of U.S. truckload operations.
Kenworth projects strong vocational market
RENTON, WA -- The first half of 2017 has been good to the trucking industry, and to the vocational market in particular, and going into the second half of the year the underlying economic fundamentals look equally promising. That's the view from Renton, Washington, where Paccar vice president and Kenworth general manager Mike Dozier addressed reporters at a press event on Friday, July 21.
New truck show all about business
TORONTO, ON -- The North American Commercial Vehicle Show (NACV Show) won't look like other trucking events across the U.S. when the doors open from September 25-28. There will be no recruiting pavilion; no show and shine competition. Not even drivers walking the halls. But when the inaugural event opens in Atlanta, Georgia, it will feature an undeniable focus on the business of trucking.
Alliance submits wish list for NAFTA talks
TORONTO, ON - The Canadian Trucking Alliance (CTA) has officially submitted comments on cross-border trade to Global Affairs Canada, as governments prepare to renegotiate aspects of the North American Free Trade Agreement (NAFTA). The association's submission covers 11 related areas of interest including: in-transit truck moves, cargo pre-clearance, government investment at ports of entry, harmonization of security programs, the trend in rising cross-border fees, the movement of food products and related inspections, and e-commerce, among other topics. "Many of the comments by the carrier community contained in our submission are longstanding issues that have been impeding cross-border trade," said president Stephen Laskowski. "CTA is eager to work with Ottawa, Washington, and the business communities on both sides of the border to try and resolve these issues for the betterment of the economies in the U.S. and Canada."
Guilbault acquires Ideal, secures warehousing
QUEBEC, QC - Groupe Guilbault has purchased Ideal Logistical Solutions - including Ideal Logistics, Ideal Transportation, and Ideal Warehouse divisions. Terms of the deal have not been disclosed, but the acquisition clearly offers Groupe Guilbault a key presence in the warehousing sector. Ideal has a 250,000-square-foot warehouse in the Armand-Viau Industrial Park, once a distribution center for Provigo. A similar-sized facility is in Lachine, Quebec. Ideal and its 150 employees will become a Guilbault operating division and continue to run independently. The combined companies will have about 975 employees.