wishy-washy
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Yea!! Right
Yellow | 309 or 301 (Chicagos finest here)
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Mango, this article is from Logistics today dated July 10th.2003 Big R was debt at time of purchase.
Yellow Corp buys Roadway
Jul 10, 2003 12:00 PM
The purchase price is approximately $966 million or about $48 per share of Roadway. Since Yellow is also assuming $140 million in Roadway debt, when all is said and done, the final cost to Yellow will be about $1.1 billion. Combined income for the two LTL carriers year over year through the first quarter of 2003 is $6 billion.
The new entity will be called Yellow-Roadway, with all points nailed down within a year. Although there will be an automatic look at the deal by the Federal government for violation of monopoly laws, an okay is expected.
Comments by executives of the new entity indicate that shippers should see no immediate changes in their business dealings with Yellow-Roadway -- it is their intention to keep both brands in the marketplace. Initially the strategy is to cut back office expenses, not to close terminals and lay off drivers. The anticipation is that these early moves will result in savings in the neighborhood of $45 million.
Bill Zollars, current President and CEO of Yellow, will be Chairman, President and CEO of Yellow-Roadway. “This strategic combination brings the strengths of Yellow and Roadway together to capture significant synergies and growth opportunities,” said Zollars. “While there will be no change in the customer interface, customers can benefit from new and expanded service capabilities and greater technological advances.”
James D. Staley, present President and CEO of Roadway, will continue to head the Akron OH-based carrier in the new entity. “Our decision to combine with Yellow Corporation is an excellent step forward for our company,” he said. “Given the similarities in transportation operations, capabilities and union relations our companies share, partnering with Yellow is a logical move that clearly positions our combined organization for long-term growth and success.”
Yellow Corp buys Roadway
Jul 10, 2003 12:00 PM
The purchase price is approximately $966 million or about $48 per share of Roadway. Since Yellow is also assuming $140 million in Roadway debt, when all is said and done, the final cost to Yellow will be about $1.1 billion. Combined income for the two LTL carriers year over year through the first quarter of 2003 is $6 billion.
The new entity will be called Yellow-Roadway, with all points nailed down within a year. Although there will be an automatic look at the deal by the Federal government for violation of monopoly laws, an okay is expected.
Comments by executives of the new entity indicate that shippers should see no immediate changes in their business dealings with Yellow-Roadway -- it is their intention to keep both brands in the marketplace. Initially the strategy is to cut back office expenses, not to close terminals and lay off drivers. The anticipation is that these early moves will result in savings in the neighborhood of $45 million.
Bill Zollars, current President and CEO of Yellow, will be Chairman, President and CEO of Yellow-Roadway. “This strategic combination brings the strengths of Yellow and Roadway together to capture significant synergies and growth opportunities,” said Zollars. “While there will be no change in the customer interface, customers can benefit from new and expanded service capabilities and greater technological advances.”
James D. Staley, present President and CEO of Roadway, will continue to head the Akron OH-based carrier in the new entity. “Our decision to combine with Yellow Corporation is an excellent step forward for our company,” he said. “Given the similarities in transportation operations, capabilities and union relations our companies share, partnering with Yellow is a logical move that clearly positions our combined organization for long-term growth and success.”
As best as I can remember the last time I talked to the stock analyst the final figure amount of debt was somewhere around 151 to 153 million that Yellow assumed. So neither company was not that great in shape. Now from a equipment standpoint Yellow's trailers and power overall were newer. I believe Roadway was cash strapped from an equipment perspective. It was not until after the purchase that R started getting some new tractors and an addition to the garage at 309. Yellow basically inherited a junk yard-my opinion of course.
R-14Driver
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WOW another poster trying to bring stuff up from 2003 and stir up the pot . Who a thunk it ? When in the world will any of you learn that Yellows GONE Roadway GONE and the only one to blame is B Zollars ? Bill Z now has YRCW in over a BILLION DOLLARS in debt !!!!
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Northern Flash
Today's Democrats are similar to Commies.
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The "my opinion of course" is a disclaimer. However it only begs an ex-Roadway employee to counter "your opinion" with theirs. Which turns another thread into an ex-Yellow vs. ex-Roadway battle, which is getting old, and gains absolutely nothing.
I don't know if it will be the same office people/management. There were 23 office people/management that were cut at 301, before the big move to 309, and now they have an arbitration set up with YRC in October for 8 figures. Those people may get their jobs back, with all lost wages when 301 reopens. A lot of people didn't know about that. It will be interesting to see how that plays out. YRC brought Rich G. back, so anything can happen.
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Chicago Roadway
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Roadlink Intermodal Logistics | Intermodalogistics: Solutions That Connect
Interesting company what link do we have?
Interesting company what link do we have?
YRC doesn't need consultants. They already have them driving trucks, but YRC management refuses to listen to them.
I believe nothing more than the same fist four letters.
Mr.Flash could you tell me the difference between one's opinion and a statement of a personal point of view ? Does one have the right to speak what's on his mind as long as it is within the guidelines of the law. Maybe if you would have read this below- you would know why I spoke my mind. I totally agree with you about the Battlefront issue, however I did not fire the first shot . However maybe Mango is right on keeping one employed sorting through all the junk at the junkyard.
Hey Spag.....(Roadway) was organized just fine (financially). not like (Yellow)almost in (bankruptcy)before (Yellow) Bill Z decided with the rest of the (Yellow) Board of directors or do I mean (Board of Company Destroyers) had to buy(Roadway) to keep (Yellow) from going out of business. So you might say when (Yellow) bought (Roadway)...The Company (Roadway) saved your job for at least the next 6 years..... Now that this happened 7 years ago you might wanna get over the Whole Roadway Yellow thing...we are all in the same boat now....
Hey Spag.....(Roadway) was organized just fine (financially). not like (Yellow)almost in (bankruptcy)before (Yellow) Bill Z decided with the rest of the (Yellow) Board of directors or do I mean (Board of Company Destroyers) had to buy(Roadway) to keep (Yellow) from going out of business. So you might say when (Yellow) bought (Roadway)...The Company (Roadway) saved your job for at least the next 6 years..... Now that this happened 7 years ago you might wanna get over the Whole Roadway Yellow thing...we are all in the same boat now....
Northern Flash
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You may have missed the point. Going back and forth over whether Yellow or Roadway was the better company has been argued for the past few years on here, which you may have missed. But for the ones of us that have been here a while are hoping that the argument will soon go away. That is almost unanimous on here.
Pup Driver
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I would have to question your saying that Yellow was about to go under and how awful a company we were . Answer me this question why would Roadway sell to a company that was shaky and headed for bankruptcy ? Would you agree that there might be more to the facts than the big boyz want us to know ? Roadway knew what they were doing when Billy and the boyz approached them . I have heard stories that The big R was the one in financial trouble they did a cover up maken everyone think they were doing good . Believe me Roadway went through Yellows fiances with a fine tooth comb before the let Yellow buy them out , it was too big of a deal not to be sure. B/4 you express your comments against me don't blame me I didn't sell Roadway, they did it to themselves .
good point pup driverI would have to question your saying that Yellow was about to go under and how awful a company we were . Answer me this question why would Roadway sell to a company that was shaky and headed for bankruptcy ? Would you agree that there might be more to the facts than the big boyz want us to know ? Roadway knew what they were doing when Billy and the boyz approached them . I have heard stories that The big R was the one in financial trouble they did a cover up maken everyone think they were doing good . Believe me Roadway went through Yellows fiances with a fine tooth comb before the let Yellow buy them out , it was too big of a deal not to be sure. B/4 you express your comments against me don't blame me I didn't sell Roadway, they did it to themselves .
From where I'm standing...that is the most outrages thing I ever heard. Rdwy received close to twice what it was worth for all the shares. All the owners were worried about is where they gonna spend all the cash.I would have to question your saying that Yellow was about to go under and how awful a company we were . Answer me this question why would Roadway sell to a company that was shaky and headed for bankruptcy ? Would you agree that there might be more to the facts than the big boyz want us to know ? Roadway knew what they were doing when Billy and the boyz approached them . I have heard stories that The big R was the one in financial trouble they did a cover up maken everyone think they were doing good . Believe me Roadway went through Yellows fiances with a fine tooth comb before the let Yellow buy them out , it was too big of a deal not to be sure. B/4 you express your comments against me don't blame me I didn't sell Roadway, they did it to themselves .
