Category: Insutry news

Knight-Swift Announces Major Merger with U.S. Xpress

Posted on March 21, 2023 by - Insutry news, merger, Truck Industry News, trucking news

Knight-Swift Transportation has officially announced an agreement to acquire U.S. Xpress Enterprises. This is not the first time the company has merged with another, however. In 2017, Knight Transportation and Swift Transportation merged to create Knight-Swift Transportation Holdings Inc. The difference between this merger is that U.S Xpress will keep its brand and continue to operate separately. 

U.S. Xpress was purchased by Knight-Swift for $6.15 a share, for a total of about $808 million. The acquisition is officially expected to close in the second or third quarter of the year and will pay around $291 million in cash at closing. This will be the biggest deal for Knight-Swift since it acquired AAA Cooper Transportation in 2021. 

In this acquisition, Knight-Swift will assume the acquired company’s debt of $484 million. The debt was caused by a multi-year decline in financial revenue. Ultimately U.S Xpress stockholders were pleased with the high closing stock price after the acquisition was complete.

 While the company will be acquiring U.S. Xpress’ accumulated debt, this acquisition is expected to add roughly $2.2 billion in operating revenue to Knight-Swift. This will also cause their truckload fleet to have a total of 25,00 tractors and 93,000 trailers. 

 This merger is expected to help U.S. Xpress significantly and reduce the turnover rate of employees, which had been happening during the company’s financial decline. This merger is also expected to increase the revenue of both companies to avoid any further financial decline from either company.

The 2019 DOT Funding Bill Advances in The U.S. Senate

Posted on June 12, 2018 by - ATA, Bill, ELD, ELD Mandate, express truck tax, expresstrucktax, faa, House, House DOT Bill, Insutry news, Owner-Operator Independent Drivers Association, Senate, Senate DOT bill, truck regulations, trucking reform








The 2019 DOT Funding Bill Advances in The U.S. Senate

(Updated August 2, 2018)
Senate-passes transportation funding bill Aug. 1st.

Legislation approves $1 billion in infrastructure grants for the 2019 fiscal transportation measure including $154.2 billion package for the Department of Housing and Urban Development. Measure as passed 92-6.

The Senate bill would provide DOT with $26.6 billion in discretionary spending. The Federal Motor Carrier Safety Administration would receive $667 million, and $50 million would be provided for improving safety of state-supported passenger rail service

The Federal transportation infrastructure, housing assistance, and community development spending bill was approved by the Senate Appropriations Committee on Thursday, June 7 for $71.4 billion. The bill passed with a unanimous bipartisan support (31-0). So now that the 2019 DOT funding bill advances in the Senate here is what you need to know.

The 2019 DOT Funding Bill Advances in the Senate

The FY2019 Transportations, Housing and Urban Development, and Related (THUD) Appropriations Act unlike it’s House counterpart did not include trucking policy reform. This includes the proposed ELD waiver for livestock haulers and the controversial Denham Amendment.

The Denham Amendment backed by House representatives Jeff Denham (R-Cali), Henry Cuellar (D-Texas), and Jim Costa (D-Cali) would standardize meal and rest breaks for truckers. The proposed ELD waiver for livestock and insect haulers would have exempt drivers from the electronic logging device mandate until September 2019. However, the Senate called upon the DOT to “consult with Stakeholder, the Department of Agriculture and Congress on legislative solutions for drivers with unique working conditions.”

 

The 2019 DOT Funding Bill Advances in The U.S. SenateThe current DOT funding expires at the end of September however the Senate has not set a date for considering the bill. Once consideration begins in the Senate legislatures can add trucking reforms during the amendment process. The U.S. House has yet to bring the DOT appropriations bill to the floor as well.


If the two governing bodies pass a different version of the bill, the lawmakers will enter a conference committee to produce a finalized bill. This will then be passed again by the respective governing bodies. Any trucking reform that is attached would be subject to intense review during the committee process.

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