The Board of Directors of Heartland Express (NASDAQ: HTLD1) is pleased to announce today that it has acquired 100% of the stock of Gordon Trucking, Inc. of Pacific, Washington (“GTI”) and certain associated assets in transactions valued at approximately $300 million. With combined total revenue of approximately $1 billion and a terminal network spanning from Washington to Florida and from Pennsylvania to Southern California, Heartland estimates the combined companies will operate the fifth largest asset-based truckload fleet in North America. Steve and Scott Gordon have joined Heartland’s management team. Larry and Virginia Gordon will retire after 50 years of building GTI, and Larry Gordon has joined Heartland’s Board of Directors. The transactions are expected to be immediately accretive to Heartland’s earnings per share, excluding transaction-related expenses.
Total transactions value at closing of approximately $300 million consisting of cash, Heartland stock, and assumed GTI debt, before taking into account approximately $60 million in net present value of expected future cash tax savings attributable to a Section 338(h)(10) tax election.
Total transactions valued at closing, on a debt-free, cash-free basis, at approximately 5.0x adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”)
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01 August 2013 | Zo Apostolides
Michael Greco1Geodis Wilson Group has appointed Michael Greco as its managing director for the US market. Greco will take over a business that aims to increase net sales by 50% in the next five years across various sectors, including automotive. Geodis Wilson is the freight-forwarding arm of Geodis Group, which integrated with the French rail and freight group SNCF in 2008. Sales and operations teams within the company are due to be augmented to support Geodis s supply chain performance in the automotive logistics sector, as well as for oil and gas, cruise, high tech and fashion.
Geodis currently operates 15 offices with over 400 employees in all major logistics hubs of the US. In view of Greco s appointment, the company plans to focus on trade lane growth in the emerging markets of Brazil, China and India. Geodis has maintained its presence in mainland Europe and Asia Pacific. Greco joins Geodis having served as business unit manager and vice president for Panalpina, New York. He has worked within the international freight forwarding and logistics industry for over 17 years. Greco said that he appreciated the challenge presented by the organisation at this time, to significantly augment its presence in the US freight management sector .
In 2012, China s ship exports amount to 36.127 billion U.S. dollars, down by 13.4%, and the export volume was 2,748,300 ships, a year-on-year decrease of 3.9%. And the average export price reached $ 13,100 / vessel, a year-on-year decline of 9.9%.
Calculated by the turnovers of exports, Hong Kong, Singapore and Panama were the top three export destination of China s ship industry. From January to November 2012, China s exports to Hong Kong, China amounted to $ 9.316 billion, down by 3.6%; exports to Singapore amounted to $ 5.329 billion, down by 0.3%, while the exports to Panama reached $ 2.557 billion, a year on year decline of 3.7%. Among them , Hong Kong s market share increased from to 25.1% (from January to November 2011) to 27.3% (from January to November) ;likewise? Singapore s market share increased from 13.9% to 15.6% ; and the Panamanian market share increased from 6.9% to 7.5% over the same period.
From January to November 2012, China had made a total of $ 26.516 billion ship export in its top ten export markets, accounting for 77.8% of the overall ship export. Export destination countries and regions ranked from the fourth to tenth were Liberia, South Korea, the Marshall Islands, Germany, Malta, the Netherlands and Cyprus respectively.
- Winterruption Festival on Granville Island 2 The annual Winterruption Festival is an all-ages arts festival that includes theatre, live music, food, and local and international arts. The mix of free and ticketed events include several foodie events, kids’ theatre, art walks, open art studios, and live music from Coastal Jazz and Blues Society. Runs Friday, February 22 – Sunday, February 24.
- Talking Stick Festival3 The annual Talking Stick Festival is a celebration of Aboriginal performance and art, featuring music, dance, theatre, visual art and storytelling. Runs through Sunday, March 3.
- February Food Truck Fest at the Vancouver Winter Farmers Market4 The Winter Farmers Markets (outside Nat Bailey Stadium) doubles its food carts–hosting 18 total–for this food truck fest, which includes covered seating and live music. Happens Saturday, February 23.
Australian lamb and mutton exports surged last month, with lamb increasing 45% year-on-year to 15,200 tonnes and mutton up 79% on the previous January to 12,800 tonnes.
In January, there were also record beef exports from Australia (55,147 tonnes) as a result of increased supply from sustained dry conditions, the latest Rabobank agribusiness monthly for February showed.
In New Zealand, total sheep meat exports for December increased 51% on the previous December to 35,157 tonnes, driven by record export volumes to China, which increased threefold to 11,053 tonnes.
However, reflecting the weak state of the major export markets, overall returns ($234 million) increased 4% year-on-year with the average export value in December settling at $6.66kg freight on boat (FOB) – the lowest average return per kg since September 2008.
Lamb prices have continued to ease since the beginning of December, underpinned by dry conditions and tightening feed supply, as well as sluggish returns from export markets.
North Island lamb prices averaged 464c/kg at the start of February, 33% lower than a year earlier, while South Island lamb prices fell 29%, averaging 466c/kg.
December wool exports were 25% larger year-on-year at 8300 tonnes, bringing the cumulative seasonal total to 57,500 tonnes (clean), a 17.4% increase year-on-year.
The value of all wool exports for the 2012-13 season declined 15% year-on-year, driven by lower fine and coarse crossbred wool export prices.
Average export values during December for venison hit a five-year low, with returns settling at $10.31 kg FOB.
New Zealand beef exports during December increased 17% year-on-year and remained relatively steady on the five-year December average, at 32,831 tonnes.
Underpinning the growth was an increase in shipments to the US (15,757 tonnes), which jumped 29% on the previous December, with ongoing tight US domestic supplies supporting demand for New Zealand product.
New Zealand milk production was around 5% higher this season to date but dry weather was taking its toll in the North Island, with production now falling significantly.
Milk flows were expected to start falling behind the previous year on a monthly basis from February onwards.
The detection of dicyandiamide (DCD) in New Zealand dairy products had created headlines globally. While not a health risk, the uncertainty for consumers and the need for testing regimes and regulations worldwide would take some time to address, the report said.
The BNZ’s latest Rural Wrap said many parts of the North Island were still dealing with dry conditions and it was hurting pastoral farming in particular.
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Photo credit: Yolk s Breakfast Food Truck
Attention Vancouver eaters. Although Street Food City II 1has just ended, Vancouver s food trucks just keep on trucking collaborating on more exciting opportunities for diners in search of food cart pods.
Vancouver Farmers Markets2 is hosting its first ever February Food Truck Fest3. All February, you ll find double the usual number of food trucks at the Winter Farmers Market4, held Saturdays from 10am to 2pm at Nat Bailey Stadium5.
Buttermilk pancakes and maple whipped cream from Yolk s Breakfast6. Panko-breaded fish and Kennebec chips from Feastro7. Fig and chickpea tagine from Ze Bite8. Comforting congee from JJ s9. Try them all and weigh in.
February Food Truck Fest is a food truck audition. Vancouver Farmers Market shoppers are invited to vote10 on their favourite food trucks and the most popular will be invited to join the roster as regulars at the busy summer markets. There are two categories to vote on: Best Market Menu Item and Best of the New Recruits.
Get the full list of participating food trucks after the jump.
Participating Food Trucks at February Food Truck Fest
- Yolk s Breakfast:11 Irresistible locally-sourced breakfast/brunch options including bennys, buttermilk pancakes, fried chicken waffles and truffle hash brown skewers.
- Blue Smoke BBQ:12 Blue Smoke s tag line is Low and Slow on the Go because their pork is smoked for almost 16 hours.
- Chilitank: 13 The best mobile chili tank in town! Try chili served hot from a 1943 military soup kitchen.
- Cr perie La Boh me: Sweet and savoury buckwheat crepes served on-site from a charming gypsy caravan.
- Slavic Rolls: 14Slavic Rolls offers a great tasting pastry, made fresh in front of customers.
- Eli s Serious Sausage:15 Eli serves up premium sausages handmade with B.C. pork and all natural ingredients.
- Feastro The Rolling Bistro: 16Feastro is the famous purple truck with the award winning seafood tacos, fish & chips, salads and chowders.
- Vij s Railway Express: 17Celebrity chef Vikram Vij s latest venture brings his creative Indian cuisine to the streets.
- JJ s Trucketeria: 18The brightest yellow food truck you ve seen yet, serving seasonal creations made from scratch with a unique cultural mix of flavours.
- Le Tigre:19 Chinese street food with a West Coast concept.
- Old Country Pierogi:20 Old Country Pierogi serves homemade pierogies (regular and gluten-free!) with sweet and savoury fillings.
- Pig on the Street: 21Bacon. Bacon. Bacon. And sustainability.
- Taser Grilled Cheese:22 Serving upgraded and innovative takes on an old favorite.
- The Kaboom Box:23 The Kaboom Box is dedicated to local and sustainable food. They specialize in salmon and oysters and also make a mean poutine with gravy made from local mushrooms.
- Transylvania Fresh: Delicious homemade pork-stuffed and vegetarian cabbage rolls.
- Ze Bite24: Vancouver s premier French cuisine food truck featuring delicious stews and specialty sandwiches made from scratch with locally sourced ingredients.
Vancouver Winter Farmers Market takes place Saturdays 10am to 2pm at Nat Bailey Stadium 4601 Ontario Street. There will be covered seating and live music for February Food Truck Fest.
- ^ Street Food City II (www.insidevancouver.ca)
- ^ Vancouver Farmers Markets (www.eatlocal.org)
- ^ February Food Truck Fest (www.eatlocal.org)
- ^ Winter Farmers Market (www.eatlocal.org)
- ^ Nat Bailey Stadium (goo.gl)
- ^ Yolk s Breakfast (yolks.ca)
- ^ Feastro (www.feastro.ca)
- ^ Ze Bite (www.zebite.ca)
- ^ JJ s (www.facebook.com)
- ^ invited to vote (www.eatlocal.org)
- ^ Yolk s Breakfast: (yolks.ca)
- ^ Blue Smoke BBQ: (www.bluesmokebbq.ca)
- ^ Chilitank: (www.chilitank.com)
- ^ Slavic Rolls: (www.facebook.com)
- ^ Eli s Serious Sausage: (www.eateli.com)
- ^ Feastro The Rolling Bistro: (www.feastro.ca)
- ^ Vij s Railway Express: (www.vijsrailwayexpress.com)
- ^ JJ s Trucketeria: (www.facebook.com)
- ^ Le Tigre: (www.letigrecuisine.ca)
- ^ Old Country Pierogi: (www.oldcountrypierogi.com)
- ^ Pig on the Street: (www.pigonthestreet.com)
- ^ Taser Grilled Cheese: (tasersandwiches.com)
- ^ The Kaboom Box: (www.thekaboombox.com)
- ^ Ze Bite (www.zebite.ca)
- ^ @TJerven (twitter.com)