FedEx Corp. has acquired Parcel Direct, a company that consolidates shipping for catalogue and Internet retailers, for $120 million. Parcel Direct will be a subsidiary of FedEx Ground, the shipping giant’s parcel carrier.
Frozen Food Express Industries Inc. plans to purchase up to 750,000 shares of its outstanding common stock. The company believes the current market price of the stock is undervalued and the repurchase is an attractive investment. The corporation has 17.4 million shares of common stock outstanding.
Segmentz Inc., a Michigan-based third-party logistics provider, has agreed to buy 100 percent of the stock of Express-1 Inc., a privately held carrier based in Buchanan, Mich. Terms include a cash payment of $6 million, 50,000 shares of common stock and more than 2.9 million options priced at $1.75.
Fresh Del Monte Produce Inc. has purchased Can-Am Express Inc., a refrigerated trucking operation based in Fargo, N.D. Can-Am has a fleet of 150 tractors and 200 trailers and facilities in Fargo, Cincinnati and Denton, Texas. The deal also includes RLN Leasing, a National Lease member.
U.S. Sen. Charles Schumer (D-N.Y.) criticized the U.S. Customs and Border Protection for delays in crossing the Peace Bridge – which links Buffalo, N.Y., and Fort Erie, Ontario – and for not being prepared to allow commercial vehicles on the new ferry serving Rochester, N.Y., and Toronto. Local businesses are seeing fewer customers and more expensive deliveries, Schumer said.
On the surface, trucking looks simple. You move goods from point A to point B. Few outsiders understand that accomplishing this feat for thousands of shipments requires the coordination of numerous moving parts – and a little luck.
Suppose you had to explain the essence of trucking to someone new to the business in fewer than 1,000 words. What would you say? You should be able to describe important principles succinctly. Virtually all carriers hire and train at least one person a year who is new to the industry. Shippers, too, are turning over people constantly; many of the newcomers have no experience in transportation.
