It was announced on Thursday that shareholders for both Knight and Swift have voted to approve a proposed merger. With that announcement, the largest merger in the history of the trucking industry has a green light and is expected to close on Friday.
The merger was announced in April of this year. The new company will be called Knight-Swift Transportation Holdings. The company will continue operating both brands, but they will share an organizational structure, best practices, and common ownership.
“I cannot think of a better combination,” said Swift Founder Jerry Moyes in a press release back in April. “The Knight and Moyes families grew up together, and the Knights helped me build Swift before starting their own company and making it an industry leader in growth and profitability.”
Both Swift and Knight are already considered megacarriers. Swift is currently the largest truckload carrier in North America. By absorbing Knight, currently the 12th largest, the company will have an estimated $5 billion in annual revenue.
According to the merger announcement, Knight-Swift will be “North America’s premier truckload transportation company with $5 billion in annual revenue and a “Top 5” truckload presence in dry van, refrigerated, dedicated, cross-border Mexico and Canada, and a significant presence in brokerage and intermodal.”
As part of the deal, Jerry Moyes will continue pulling in the $200k per month in consulting fees that Swift started paying him when he stepped down as CEO at the end of 2016. The Knight family meanwhile will run the new company. Even shareholders are happy as the news of the merger caused Knight stock to jump significantly. But what the merger will mean for drivers and those actually working in the industry remains unclear.
Source: truckersreport, streetinsider, ttnews, twst, weeklyregister
That works out to Jerry earning $1250/hr.
Let’s see….ELD mandatory, self-driving trucks, Knight-Swift… All truck drivers fired, and 125 million unemployed. Just what corporate America wants. Little overhead, and don’t care about us. I miss anything?
Oh, and Jerry will be the next FMCSA director.
Not quite. Government rules state there has to be someone behind the wheel at all times, the trucks will be self driving only on the highways (except for unusual circumstances, like construction or a wreck). Drivers will just have to sit back and relax.
The question is, what is the pay rate going to be for a driver that is a passenger? How much do ya wanna bet it ain’t gonna be what you get now?
The driver will be doing other tasks such as preparing paperwork etc. The carrier will keep drivers busy but as the rules stand now you (the driver) must be able to take control of the vehicle in an emergency.
Again, how much will they pay per mile if you aren’t driving?
More than likely it will be salary. Fixed rate.
I can think of another word than “premier” for this mega-carrier.
Two of the worst trucking companies merging to create one huge #! $$!
That’s what I was thinking. The worst of the worst all under one umbrella.
You think these newbies are driving in flip flops and headphones now? They’ll be wearing pajamas and fuzzy slippers now that they have to just sit there! I mean I’ll be wearing a onesey but that’s not the damn point…lmao!
One bad company joins another. Maybe the loss of jobs will allow swift to get rid of some of its really bad drivers and keep some of the not so bad drivers. So Will Insurance Fix That?
no
So basically the Swift / Knight driver are now working so Jerry Moyes and the Knight family can make 200,000 a month..While you live as a bunk monkey..
Jerry Moyes is already billionaire & Knight/Swift drivers are barely able to make ends meet if @ all & he’s going to make $200K/monthly on the backs of the drivers?? Time to park the trucks, cripple the U.S.economy to show these mega carriers who controls the transportation (trucking) industry!! Trust me when I tell you it will take less than 48hrs.to get the U.S. government’s attention!!💯
Yeah, and what they’ll do if that happened they would appeal to the politicians to let in illegal workers to replace us. Just like they’re doing now because they know we’re smart and won’t tolerate bad pay forever.
This is why we need to unionize. And bring back regulation whIle we’re at it. Just because you can buy a truck doesn’t mean you should be a trucking company.
Union is not the way to go. Unions will cripple the companies ( think CF,Gateway, and a bunch of others) and drivers actually will not have a leg to stand on. Been there done that gave up 13 years . I could not work under a triple standard any longer. Thinking for my self is a breath of fresh air compared to being union. I still have my withdrawal card.
i hope all of you are ready to be a swift , schenider or us express driver.
Schneider was not so bad. We ran team with them and did rather well financially. New equipment and they listen to us when we had a problem or suggestion.
wait till you scratch one of their trucks…
you will be looking for a job.
I think all drivers should have there own trucks, pull what freight they want, and work for which carrier treats them far. As for the the big guys it’s all politics and money, and government dictatorship, on how you need to due it. Go ahead and keep working for them, they love your money. ..