SwiftTrans And Knight Transportation To Merge

This merger is creating a holding company structure called Knight -Swift. The two subsidiaries; Swift and Knight will continue to operate as independent entities, same brand, with no asset sharing.

For the driver; business as usual.

Here is the announcement on the Driver portal. I am not sure how the new company works separately, but questions will be answered at the conference call.

Dear Swift Driver:

This morning, we announced that Swift Transportation and Knight Transportation have reached an agreement to operate under common ownership. Both companies will continue to run independently and will maintain separate brands. Bringing together these two long-standing, industry-leading trucking companies means a combined strength of resources, allowing us to improve safety and better our customer and driver experiences. The joint press release we issued this morning provides further details about the transaction. It is now available, along with FAQs, on our driver portal and on our website.

This transaction creates a joint ownership of two companies that will continue to operate separately. Therefore, Swift Drivers will only access Swift terminals and support departments and Knight drivers will only access Knight service centers. There will be no combining or mingling of freight.

Also, I want you to know that I have chosen to pursue other opportunities following the close of the transaction. Likewise, our CFO, Ginnie Henkels, has chosen to step down at that time. I want to assure you that Knight’s leadership team is committed to the same principles and level of integrity that we live by every day, and I have confidence that they will continue working toward our vision.

Once the transaction is completed, Kevin Knight, Knight’s Executive Chairman, will assume the role of Swift President. Ginnie and I will continue at Swift until the close of the transaction to ensure a seamless transition. I’m proud of all we have accomplished together, and promise that I will continue to root all of you on in the future.

We are offering a “Loyalty Bonus” to all eligible Swift drivers in recognition of your commitment to the success of this business. Those eligible will include all Swift drivers who are employed as of May 1, 2017, and who are still employed and working at the close of the common ownership transaction, anticipated to be in the third quarter of 2017. Please see Company Driver Loyalty Bonus letter on the Driver Portal for more details.

For the sake of open communication and transparency, I invite all of you to join Ginnie and me on a Company-wide conference call, this afternoon, at 4:30 PM (ET)/1:30 PM (PT). .

If you receive any questions from other drivers or outside of Swift, please refer them to the press release on our website or have them email communications@swifttrans.com.

I thank you for your continued hard work and dedication to Swift.

Sincerely,

Richard Stocking President & CEO

Terminal:

A facility where trucking companies operate out of, or their "home base" if you will. A lot of major companies have multiple terminals around the country which usually consist of the main office building, a drop lot for trailers, and sometimes a repair shop and wash facilities.

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.

OWI:

Operating While Intoxicated

Swifttrans:

Swift Transportation began operations in 1966 transporting imported steel through the ports of Los Angeles to Arizona and Arizona cotton for export back through to Southern California.

Jerry Moyes, founder, began with the same entrepreneurial, can-do spirit that is one of Swift’s core values today.

Today, Swift generates over $4 billion in revenue and operates nearly 18,000 trucks.

This merger is creating a holding company structure called Knight -Swift. The two subsidiaries; Swift and Knight will continue to operate as independent entities, same brand, with no asset sharing.

For the driver; business as usual.

Here is the announcement on the Driver portal. I am not sure how the new company works separately, but questions will be answered at the conference call.

Dear Swift Driver:

This morning, we announced that Swift Transportation and Knight Transportation have reached an agreement to operate under common ownership. Both companies will continue to run independently and will maintain separate brands. Bringing together these two long-standing, industry-leading trucking companies means a combined strength of resources, allowing us to improve safety and better our customer and driver experiences. The joint press release we issued this morning provides further details about the transaction. It is now available, along with FAQs, on our driver portal and on our website.

This transaction creates a joint ownership of two companies that will continue to operate separately. Therefore, Swift Drivers will only access Swift terminals and support departments and Knight drivers will only access Knight service centers. There will be no combining or mingling of freight.

Also, I want you to know that I have chosen to pursue other opportunities following the close of the transaction. Likewise, our CFO, Ginnie Henkels, has chosen to step down at that time. I want to assure you that Knight’s leadership team is committed to the same principles and level of integrity that we live by every day, and I have confidence that they will continue working toward our vision.

Once the transaction is completed, Kevin Knight, Knight’s Executive Chairman, will assume the role of Swift President. Ginnie and I will continue at Swift until the close of the transaction to ensure a seamless transition. I’m proud of all we have accomplished together, and promise that I will continue to root all of you on in the future.

We are offering a “Loyalty Bonus” to all eligible Swift drivers in recognition of your commitment to the success of this business. Those eligible will include all Swift drivers who are employed as of May 1, 2017, and who are still employed and working at the close of the common ownership transaction, anticipated to be in the third quarter of 2017. Please see Company Driver Loyalty Bonus letter on the Driver Portal for more details.

For the sake of open communication and transparency, I invite all of you to join Ginnie and me on a Company-wide conference call, this afternoon, at 4:30 PM (ET)/1:30 PM (PT). .

If you receive any questions from other drivers or outside of Swift, please refer them to the press release on our website or have them email communications@swifttrans.com.

I thank you for your continued hard work and dedication to Swift.

Sincerely,

Richard Stocking President & CEO

Your life as company driver is unchanged. Swift will report to the new holding company called Knight- Swift. Knight will also report to the same new holding company. From an operational perspective there aren't any changes in the foreseeable future.

Terminal:

A facility where trucking companies operate out of, or their "home base" if you will. A lot of major companies have multiple terminals around the country which usually consist of the main office building, a drop lot for trailers, and sometimes a repair shop and wash facilities.

HOS:

Hours Of Service

HOS refers to the logbook hours of service regulations.

OWI:

Operating While Intoxicated

Swifttrans:

Swift Transportation began operations in 1966 transporting imported steel through the ports of Los Angeles to Arizona and Arizona cotton for export back through to Southern California.

Jerry Moyes, founder, began with the same entrepreneurial, can-do spirit that is one of Swift’s core values today.

Today, Swift generates over $4 billion in revenue and operates nearly 18,000 trucks.

Kevin Knight's interview with Fleet Management Magazine: Kevin Knight's perspective on the Swift-Knight Merger

What is the loyalty bonus to eligible drivers?

I signed on with Gordon Trucking in October 2015, after the company had been acquired by Heartland Express. In speaking with recruiters and other employees as I was coming onboard, I was told that despite Gordon being purchased by Heartland, Gordon would remain its own separate company. It would retain its own branding, its own trucks and terminals, and would continue to operate as a separate entity from Heartland. Nine months later, Gordon was completely absorbed by Heartland and ceased to exist. All you see left of Gordon is the light blue trucks and the Gordon trailers that Heartland is too cheap to re-decal. This could simply mean the people I spoke with at the time were mistaken or had incorrect information, but I figured I'd throw it out there.

I signed on with Gordon Trucking in October 2015, after the company had been acquired by Heartland Express. In speaking with recruiters and other employees as I was coming onboard, I was told that despite Gordon being purchased by Heartland, Gordon would remain its own separate company. It would retain its own branding, its own trucks and terminals, and would continue to operate as a separate entity from Heartland. Nine months later, Gordon was completely absorbed by Heartland and ceased to exist. All you see left of Gordon is the light blue trucks and the Gordon trailers that Heartland is too cheap to re-decal. This could simply mean the people I spoke with at the time were mistaken or had incorrect information, but I figured I'd throw it out there.

An acquisition is not the same as a merger. Especially a merger that forms a separate holding company designed to run the merged companies as separate entities. Knight is not buying Swift, or visa-versa. The information was not originated by a recruiter or any employee, it was from executive management of both corporations to employees and a similar press-release.

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.

Too funny!

I "borrowed" this btw 😉

Ok, I tried to read most of the article and most of it is mumbo-jumbo to me unfortunately since I don't understand very much about stock. But if I'm reading it right, this really has nothing to do with day to day operations for us, right (at least for now)? Seems like it's big news for stockholders but won't even affect drivers for the time being. The most significant aspect of this for Swifties is that we're going to be losing our new CEO Richard Stocking and another executive after completion of the merger.

Or did I miss the point?

Ok, I tried to read most of the article and most of it is mumbo-jumbo to me unfortunately since I don't understand very much about stock. But if I'm reading it right, this really has nothing to do with day to day operations for us, right (at least for now)? Seems like it's big news for stockholders but won't even affect drivers for the time being. The most significant aspect of this for Swifties is that we're going to be losing our new CEO Richard Stocking and another executive after completion of the merger.

Or did I miss the point?

I got a little better understanding. The Board Of Directors will be mostly KNIGHT people. Overall, it looks like Knight bought Swift, to me.

So, if you remember Central, that may happen to Swift.

One more thing, from that message:

We are offering a “Loyalty Bonus” to all eligible Swift drivers in recognition of your commitment to the success of this business. Those eligible will include all Swift drivers who are employed as of May 1, 2017, and who are still employed and working at the close of the common ownership transaction, anticipated to be in the third quarter of 2017. Please see Company Driver Loyalty Bonus letter on the Driver Portal for more details.

Jon Isaacson must be experiencing some next-level deja-vu right about now.