An upstart e-commerce transportation provider recently acquired Princeton Logistics Group and its notable TriStar Carriers subsidiary in an effort to extend its last-mile delivery into first- and middle-mile services.
ShipX, a one-year-old operation based in New York, carved out a niche e-commerce space for customers needing specialized trucking solutions and door-to-door parcel delivery throughout North America. Princeton Logistics has offices in Princeton, New Jersey, and Jacksonville, Florida, and its operation covers the East Coast and Gulf of Mexico states.
“We’re thrilled to join forces with ShipX and even more excited to be able to offer our clients a more complete, turnkey shipping solution,” Jim Neebling, former President of Princeton Logistics, and now Chief Logistics Officer of ShipX, reportedly stated. “Shippers have wanted a new end-to-end shipping solution, and we’re happy to be offering one starting today.”
Princeton’s assets, including 26-foot lift-gate trucks, OTR sleepers, and day cabs, will reportedly fly under the ShipX banner. TriStar Carriers generally focused on middle-mile e-commerce trucking and air transportation.
Heartland Express Purchases Smith Transport
Iowa-based Heartland Express reportedly purchased 100 percent of Smith Transport’s equity to the tune of $170 million. Headquartered in Roaring Spring, Pennsylvania, Smith Transit possesses terminals in Pennsylvania, Georgia, and Indiana. Formed in 1982, the operation focuses on dry van truckload transportation throughout the eastern U.S.
“Our plan is to keep Smith the same company that is attractive to customers, drivers, and other personnel while using our scale to offer better purchasing, more depth, and advantageous cost savings,” Michael Gerdin, CEO of Heartland Express, reportedly stated.
Adding Smith to its asset-based organization expands Heartland’s footprint into Fortune 500 clients involved in expedited transportation integrators, retailers, beverage makers, and home product outfits companies. Smith had worked with many of its top-tier customers for over two decades. To its credit, the Pennsylvania-based trucking company amassed assets that include a fleet of upwards of 850 late-model tractors and an estimated 2,000 dry van trailers.
Heartland leverages facilities in Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Iowa, Mississippi, Ohio, Oregon, Pennsylvania, Tennessee, Texas, Virginia, and Washington, and earned Carrier of the Year honors from FedEx 14 times over the last 15 years.
Meritor Shareholders Agree To Cummins Takeover
A special Meritor shareholders meeting prompted a vote to agree to an acquisition offer floated by Cummins. The organizations brokered a deal in February in which Cummins pays $36.50 for Meritor shares, for a grand total of $3.7 billion. More than 57 million shareholders overwhelmingly approved the deal, with more than 99 percent agreeing.
“The strong support our shareholders have expressed for this transaction reflects the compelling value and important opportunity to shape the future of powertrain components and accelerate development of electrified power solutions for commercial vehicles,” Chris Villavarayan, CEO and president of Meritor, reportedly said. “We look forward to securing the remaining regulatory approvals and closing the transaction.”
On the heels of its merger vote, Meritor also brokered a cash deal to acquire Siemens commercial motor vehicle assets and business for approximately $200 million.
Sources: ccjdigital.com, prnewswire.com
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