News Briefs - July 13
The Latest Headlines:
- U.S. Xpress Buys LTL Air Freight Unit
- Trade Deficit Narrows in May
- Oshkosh Says Security Spending Has Helped Company
- G.I. Trucking Invests in New Equipment to Meet Demand
- Denso Names Matsushita to Head Firm
- Trade Deficit Narrows in May
U.S. Xpress Buys LTL Air Freight Unit
U.S. Xpress Enterprises Inc. said its subsidiary, Xpress Global Systems Inc., had purchased the less-than-truckload airport-to-airport operations of CRST Van Expedited Inc.Terms of the deal were not disclosed. U.S. Xpress said in a statement that Xpress Global Systems and CRST's Major Airport Xpress unit are among the largest providers of airport-to-airport transportation services to the air freight industry.
U.S. Xpress is ranked No. 21 on the 2004 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Trade Deficit Narrows in May
The U.S. trade deficit narrowed in May to $46 billion from a record deficit of $48.1 billion in April, the Commerce Department said Tuesday.This marked the first decline in six months and the largest reduction since October 2002.
Exports rose 2.9% to a record $97.1 billion in May, the biggest gain since they jumped 3.1% percent in March, Commerce said.
Imports rose 0.4% for the month to a record $143.1 billion, led by automobiles and industrial supplies, including oil.
Through May, the deficit was $231 billion, compared with $208.7 billion a year earlier. For all of last year, the deficit reached a record $496.5 billion. Transport Topics
Oshkosh Says Security Spending Has Helped Company
Specialty truck maker Oshkosh Truck Corp. Chief Executive Robert Bohn said increased security spending after the 9/11 terrorist attacks has helped the company, Bloomberg reported.Bohn said since the company has the largest market share in the fire and emergency vehicle markets, it is benefiting from increased security spending by cities around the country.
Oshkosh, which recently completed its purchase of Jerr-Dan Corp., is still considering acquisitions in the specialty niche truck and body businesses, Bohn told Bloomberg. Transport Topics
G.I. Trucking Invests in New Equipment to Meet Demand
Less-than-truckload carrier G.I. Trucking Co. said that it has invested about $10 million to expand its tractor and trailer fleet as demand for shipments grows.The company said in a statement its most recent acquisitions included 500 Hyundai 28-foot trailers, 150 Hyundai dollys and 40 Yale's forklifts. G.I. said it now has a total of 566 tractors and 3,018 trailers.
"In addition to growth needs, the major reasons for the new investments are increased fuel economy and the company's continuing efforts to satisfy all safety requirements in the industry," said Stan Lovell, vice president for maintenance and safety.
G.I. Trucking is ranked No. 84 on the 2004 Transport Topics 100 list of the largest U.S. and Canadian trucking companies. Transport Topics
Denso Names Matsushita to Head Firm
The Denso Corp. said it named Mitsuo Matsushita chairman and chief executive officer of its North American division, Denso International America.The firm said he would also be a managing officer of the Japan-based parent company.
Denso is a global supplier of advanced automotive technology, systems and components.
Matsushita had been executive vice president of Denso International Europe BV, which is headquartered in the Netherlands, the company said. Transport Topics
This story appeared in the July 12 print edition of Transport Topics
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