Trucking news and briefs for Friday, Aug. 20, 2021:
PS Logistics’ 3PL division acquires brokerage
TA Services, a third-party logistics provider and division of PS Logistics, has completed the acquisition of Toronto, Canada-based broker Scout Logistics Corporation, which specializes in refrigerated perishable freight. The terms of the acquisition were not disclosed.
Since 2007, PS Logistics has acquired 23 trucking and brokerage operations. The acquisition represents TA Services’ expansion into the cold-chain marketplace and rounds TA services said the acquisition accelerates TA Services’ growth to $500 million in revenue, 650 employees, and more than 20 global locations, spanning from Monterrey, Mexico, to Toronto.
“Lorne Swartz, founder of Scout Logistics, and his team bring tremendous expertise and a proven track record of customer satisfaction in cold-chain logistics to TA Services,” said Scott Schell, CEO and President of TA Services. “The like-minded combination of TA Services and Scout Logistics will bring a combined culture that focuses intensely on customer experience, carrier partnerships and employee well-being. This is an incredible partnership and will make a lasting impact on the industry as a whole.”
Earlier this month, PS Logistics acquired Patriot Transit and Patriot Logistics.
Xos going public after merger
Xos, a manufacturer of fully electric Class 5 to Class 8 commercial vehicles, will merge with NextGen Acquisition Corp. and will go public on the Nasdaq Stock Market.
The closing of the business combination was executed Thursday, Aug. 19, with trading of the combined company to begin Friday, Aug. 20 following the effectiveness of the merger. The combined company will be known as Xos, Inc., and will trade on Nasdaq under the new ticker symbol XOS.
“We are thrilled to bring Xos public and advance our purpose-built zero-emission electric solutions alternative for fleet owners and operators and to capitalize on the significant market opportunity for electrification in the last-mile commercial vehicle market,” said Dakota Semler, co-founder, chairman and CEO of Xos. “We founded Xos to provide a technology platform for our customers that aligns with their sustainability goals and climate change mitigation efforts and also delivers significant total cost of ownership savings. This transaction will fund our delivery commitments and our strong growth well into the future.”
Cowan launches Regional Driver Incentive Program
Cowan Systems (CCJ Top 250, No. 56) recently announced its Regional Driver Incentive Program, which guarantees every newly hired driver a $15,000 bonus and provides the opportunity to earn $20,000 to drivers who join the company by Oct. 1.
All new drivers are automatically eligible to earn $15,000 through this incentive plan. To earn $17,500, drivers must have either one year of experience with their current employer or their hazmat endorsement. Drivers with both their hazmat endorsement and one year of verifiable experience with their current employer will earn a $20,000 bonus.
“New drivers to Cowan Systems will get more than half of their payout amount within the first six months. This isn’t a sign-on bonus that pays you tiny sums for years,” says Steve Wells, Chief Operating Officer of Cowan. “Professional truck drivers who join us now will get their full payout in less than 18 months.”
Each driver’s offer letter will include the outline of the incentive program and what they can expect to see.