SwiftTrans And Knight Transportation To Merge
Topic 19101 | Page 1
That's disappointing. Here is a link to an article you don't have to subscribe to read on CNBC.
SAP:
Substance Abuse Professional
The Substance Abuse Professional (SAP) is a person who evaluates employees who have violated a DOT drug and alcohol program regulation and makes recommendations concerning education, treatment, follow-up testing, and aftercare.
A more comprehensive article in found in the Business Newswire:
Old School is gonna find this interesting.
Doesn't he drive for Knight now?
Rick
Old School is gonna find this interesting.
Doesn't he drive for Knight now?
Rick
No, now he drives for Swift! ;^)
That's disappointing. Here is a link to an article you don't have to subscribe to read on CNBC.
Why would you find that disappointing? Were you able to get into Knight, but not Swift?
From a business standpoint - it leverages HUGE ASSETS, the combination of which could make the new company (from a revenue standpoint according to 2016 figures) the #3 company in the country (as it was ALREADY the #1 TL company)
I'm wondering if/how they're going to change their training model - as Knight had the "Squire Program" as it's training arm.
From what the biz paper articles look like - they are still going to be operated as "separate units" for the interim at least.
I wonder if Swift is looking to somehow "spread out" the potential impact of the ongoing class action suit from their leasing practices? The merger isn't going to end the lawsuit, as the liability from ongoing actions moves with the merger (as it did when Swift acquired the judgment against Central Refrigerated and their similar lawsuit).
The only potential downside from a driver perspective, would be "getting lost in the sauce" when an already giant company becomes even moreso.
Rick
SAP:
Substance Abuse Professional
The Substance Abuse Professional (SAP) is a person who evaluates employees who have violated a DOT drug and alcohol program regulation and makes recommendations concerning education, treatment, follow-up testing, and aftercare.
Old School is gonna find this interesting.
Doesn't he drive for Knight now?
Rick
No, now he drives for Swift! ;^)
Two C level Swift executives are stepping down; CEO & CFO. Stock swap aside, Knight will be the dominant partner. Read the link I posted...get past the stock info and you will see the whole picture.
Not a big surprise since the founder of Knight used to be one of the owning partners of Swift before he got bought out. I imagine both companies have a similar enough structure for that reason in the first place.
Two C level Swift executives are stepping down; CEO & CFO. Stock swap aside, Knight will be the dominant partner. Read the link I posted...get past the stock info and you will see the whole picture.
Interesting how Swift has 2X the revenue and assets and KNIGHT will end up as the dominant.
As I mentioned - the impending lawsuit on Swift is pretty large (if they lose). And it looks like Knight took some HUGE HITS on lawsuits related to wages and PER DIEM issues, plus another one relating to LEASING.
Jerry (aside from stock ownership) is gonna walk with a BUTTLOAD of cash. $2.4 Mil a year in "consulting fees", until 2019, plus another $7 Mil owed (from how I'm reading the end of the linked article).
The "true motivation" behind this move, eludes me somewhat. My hope is that they will still remain a force in the industry where new drivers can go and get decent training and a good job.
Rick
Per Diem:
Getting paid per diem means getting a portion of your salary paid to you without taxes taken out. It's technically classified as a meal and expense reimbursement.
Truck drivers and others who travel for a living get large tax deductions for meal expenses. The Government set up per diem pay as a way to reimburse some of the taxes you pay with each paycheck instead of making you wait until tax filing season.
Getting per diem pay means a driver will get a larger paycheck each week but a smaller tax return at tax time.
We have a ton of information on our wiki page on per diem pay
Knight-Swift. Lemme see. When one of them has an accident he just got Knift (Pronounce Knife-t). Hehehe. Knight-Swift - Know Nothing Idiot Gonna Have To Stop While i Investigate For (real) Truckers. Sorry, just interjecting my usual brand of levity.
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Knight Transport Swift Transport Trucking Industry Concerns
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Knight Transportation and Swift Transportation Announce All Stock Transaction with a Combined Enterprise Value of $6 Billion
"The combined business would own 23,000 truck-tractors and have 28,000 employees. The companies will maintain their separate branded operations but will work under a holding company structure that adds new corporate controls."