FedEx Freight | National LTL and The other Watkins companies??

[THEBADCOOLOMULLET]

So from the HQ in Flordia they are going to run National LTL and also Keep running the other watkins companies--(LandSpan, Sunco Carriers and Highway Transport)?

How long do you think this will happen?? With Freight they have East-Harrison and West-San Jose Headquarters--But they are still 2 seperate companies. I wonder how long LTL will be ran from the Watkins HQ in Flordia.

Maybe that's why they expanded the new wing at the Harrison Headquarters to hold 600 new employees?? What do you folks think??

 

[bear6997]

So from the HQ in Flordia they are going to run National LTL and also Keep running the other watkins companies--(LandSpan, Sunco Carriers and Highway Transport)?

How long do you think this will happen?? With Freight they have East-Harrison and West-San Jose Headquarters--But they are still 2 seperate companies. I wonder how long LTL will be ran from the Watkins HQ in Flordia.

Maybe that's why they expanded the new wing at the Harrison Headquarters to hold 600 new employees?? What do you folks think??

If I were a betting man I'd say you see it all come together as one in fiscal 2007. But I am not so maybe not take it for what it is worth , just one man's opinion

 

[BigWez]

No FedEx only bought Watkins's assets not the name or the other companies.

 

[joe bucker]

Watkins is based out of Lakeland, but they can run the other companies from WAI headquarters in Atlanta.

 

[Cornbinder]

FEDEX bought only watkins frt, not thier other companies will be operated as a seperate company,i really dont think theyd combine it with the east div for the fact that seniority would come into play and alot of folks of the old AF side would get screwed.

 

[THEBADCOOLOMULLET]

What I was saying

My Point/concern was 2 different companies--National LTL and Watkins--They still own the other companies-(Landspan, etc) RUNNING FROM THE SAME Building in Flordia.

Kinda like Burger King and Mcdonalds operating from the same HQ--But maybe it would be ok if they were on 2 different floors???

Is landspan and the other companies ran from the Flordia HQ??

 

[STLFireman]

WML offices are in Lakeland. Landspan, Sunco and Highway Carriers offices are not. As in National and Freight, all are ran separate.

 

[CFer]

FEDEX bought only watkins frt, not thier other companies will be operated as a seperate company,i really dont think theyd combine it with the east div for the fact that seniority would come into play and alot of folks of the old AF side would get screwed.

Technically Cornbinder, they did not buy Watkins. They bought the assets of Watkins. There is a big difference there

 

[wyomingkid]

what are some of the major differences CFer,please explain for those of us that are not aware. thanks

 

[STLFireman]

Technically Cornbinder, they did not buy Watkins. They bought the assets of Watkins. There is a big difference there

Actually they bought the assets of Watkins Motor Lines. Which are the trucks, trailers, terminals and such. Watkins Canada was also included in those assets. The Watkins themselves are far more diversified than just WML and WC.

 

[jimmy g]

Actually they bought the assets of Watkins Motor Lines. Which are the trucks, trailers, terminals and such. Watkins Canada was also included in those assets. The Watkins themselves are far more diversified than just WML and WC.

One example, possibly apples and oranges, I'm not sure: When I worked for the small Whiteford Trucking Company out of South Bend in the late 70's, early 80's...I worked for WTL Equipment Co. That's who actually paid me. The Whiteford Trucking Company was later sold to Gainey out of Grand Rapids. That allowed them to declare bankrutpcy on WTL Equipment Co and our paychecks were then null and void. WTL LTL went to Overland Transfer (now part of Vitran,) and also declared bankrupt when those guys tried to unionize.

Another example is when Yellow bought Preston, Yellow built some terminals for PTC, along with buying them trailers, and kept them in YFC's name...leasing them to PTC for $1.00. When PTC bankrupted, (six years later-- after being written off at least twice to the IRS) YFS took them back, wrote them off (again) on their taxes as a loss, and put Yellow on all the 12 hundred trailers and a big Yellow sign on the Richfield, Oh. Terminal. Then they kept Saia Motor Lines, put them into a division with Jevic, and rolled on down the road with the assets they wanted all along.........

That's not at all to say that Fed Ex will do anything mean or immoral with Watkins-- what do I know-- I'm a truck driver! But I only posted that to say that assets and companies are different.

 

[STLFireman]

What does that have to do with my post Jimmy g?

 

[CFer]

what are some of the major differences CFer,please explain for those of us that are not aware. thanks

This is just my uneducated guess wyomingkid but the way I take it is that FedEx bought the terminals and trucks. Nothing more. The customer list was never mentioned and I really have no idea how this relates to employees.
I would think that drivers have nothing to worry about seeing that Trained drivers are a a premium right now but you never know.

I'm not trying to start any rumors or anything like that guys. I'm just taking the press release literally word for word and trying to read into it a little.

What does everyone else think it means when they say they "bought the assets"?

 

[CFer]

This is just my uneducated guess wyomingkid but the way I take it is that FedEx bought the terminals and trucks. Nothing more. The customer list was never mentioned and I really have no idea how this relates to employees.
I would think that drivers have nothing to worry about seeing that Trained drivers are a a premium right now but you never know.

I'm not trying to start any rumors or anything like that guys. I'm just taking the press release literally word for word and trying to read into it a little.

What does everyone else think it means when they say they "bought the assets"?

Giving this a little more thought, I would consider the customer list an asset

 

[nightowl]

if fed-ex bought the trucks trailers and terminals i would think the customers would come along seeings how watkins would have no way to move the freight.

 

[SlickWillyAccg]

my understanding through conversations with my center manager and human resources is, now take this with a grain of salt this is management talking, watkins operates in canada, something we do but not to the capacity as watkins. your service will be for 3-5 day freight at an affordale price to our customers(both of our customers now). we will handle 1-2 day freight and some 3 day freight in special situations. our web site said we purchased your assets, equipment, centers watkins owned, but most of all customer base. freight east and west operate sepratley, vactions are different, sick leave is differnet, bids are different, and so are transfers. my understanding is you will opeate sepratley but under freight. so no big signifigant changes just yet, but the will be coming.

 

[fr8rookie]

I have a question or 2. Being that they bought the assets are we to assume there is no debt or WAI had to eat it? Also bein that one of the sons will be runnin Natl, the rest of the Family will be at WAI is there a no compete clauss attached to this deal? Remember they just bought the assets not everything and that WAI is still in the LTL business with SunCo Carriers.

 

[joe bucker]

I have a question or 2. Being that they bought the assets are we to assume there is no debt or WAI had to eat it? Also bein that one of the sons will be runnin Natl, the rest of the Family will be at WAI is there a no compete clauss attached to this deal? Remember they just bought the assets not everything and that WAI is still in the LTL business with SunCo Carriers.

In the conference call that is archived at fdx web site it was said that when fdx bought WML Watkins had no debt. The only money that they owe will be to the people that have the leases on some of our yards.

Clay And Chip are coming along with the sale. I guess after a year or so they will leave along with stock options and a boat load of money, then go back to wai and have a job waiting on them.

Sunco is there refer division and all o/o don't think that would work to well in the ltl sector. At least like WML is run now.

 

[mrblanche]

I have a question or 2. Being that they bought the assets are we to assume there is no debt or WAI had to eat it? Also bein that one of the sons will be runnin Natl, the rest of the Family will be at WAI is there a no compete clauss attached to this deal? Remember they just bought the assets not everything and that WAI is still in the LTL business with SunCo Carriers.

I would imagine that since the sale price is quoted as cash only with no debt assumed that out of that cash sale the Watkins family must pay off all outstanding debt. A little item that gives some credence to that is the news that Watkins is being required to pay all employees for any earned vacation time, which is carried on the books as a debt.