UPS is making strategic moves to enhance its logistics capabilities in Europe by announcing the acquisition of German company Frigo-Trans, a distinguished player in temperature-sensitive transportation, along with its subsidiary BPL. Frigo-Trans, headquartered in Fussgoenheim, boasts cutting-edge warehouses equipped with six distinct temperature zones, catering to a wide range of needs from cryopreservation at -196 degrees Celsius to ambient temperature storage. Meanwhile, BPL, based in Düsseldorf, specializes in orchestrating transportation services through a robust network of carriers that specifically cater to clients in the biopharmaceutical industry.
Kate Gutmann, President of International Solutions at UPS, emphasized the critical importance of the pharmaceutical sector's demand for cold and frozen goods. The strategic acquisition of Frigo-Trans will enable UPS to effectively address this growing need and solidify its position as a leading supplier within the healthcare industry.
The Court of Clark County, Alabama has recently issued a ruling that mandates Daimler Truck North America to pay $75 million to Leonard Wiley Street, and an additional $10 million to Tracy Street, his spouse. The decision follows a tragic 2022 crash in Clark County that left Leonard Wiley Street paralyzed due to severe neck injuries sustained while operating a truck on Interstate 84. The incident occurred when a pickup truck veered across the centerline into Street's lane. Daimler Truck North America has asserted that it's safety tests, including cab collision procedures, are in compliance with all relevant international standards. The company has expressed its intentions to launch an appeal in pursuit of an equitable resolution in this matter.
This case marks the second notable legal action involving the truck equipment industry recently. Earlier this month, a jury in St. Louis ruled against trailer manufacturer Wabash National, awarding $462 million to the families of two men killed in a collision.
Norfolk Southern has recently undergone significant changes at the executive level. Alan Shaw, the former CEO, was dismissed from his position due to concerns of employee mistreatment. In his place, Mark George, the former CFO, has been appointed as the new CEO to lead the company. The company has faced several obstacles in recent years, including a major incident in February 2023 when a train derailment in Ohio resulted in a significant environmental disaster. After the incident, the lack of proper safety measures on the railroad prompted authorities and regulators to revise some of the rules. Also, after the incident, the company began to experience financial difficulties and investor pressure from Ancora.
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As CEO, Shaw received a substantial compensation package totaling over $13.4 million last year. In contrast, George's salary as the new CEO has been set at $1 million, with the potential for additional bonuses that could increase his earnings to as much as $2.25 million. These changes reflect the company's commitment to addressing internal challenges and realigning its leadership towards sustainable growth and success.
In an effort to enhance road safety for truck drivers, the Michigan State Police, in collaboration with Drivewyze Inc., has initiated a pilot program starting in September. This program aims to provide timely alerts to truck drivers regarding severe weather conditions, road construction, and emergency situations on the road. State Police spokesman, Patrick Morris, highlighted the importance of these alerts in ensuring the safety of truck drivers and other road users. The alerts are designed to be in compliance with federal regulations, which mandate the use of Electronic Logging Devices (ELDs) by all truck drivers to record their hours of service.
Utilizing Drivewyze's Smart Roadways service, the state police will send alerts to truck drivers based on real-time information about road hazards. These alerts will be triggered by small notifications sent by the state police to Drivewyze, specifying the location and duration of a particular incident on the road. In case of emergencies, alerts will be sent immediately, while for other situations, alerts will be sent for predetermined periods of time. To facilitate this pilot program, the state has entered into an $85,000 contract with Drivewyze for a duration of one year. Upon the expiration of the contract, authorities will conduct a thorough analysis of the alerts to evaluate the effectiveness of the experiment, with the goal of improving road safety for truck drivers in Michigan.
According to Dan Moyer, a senior analyst at FTR Transportation Intelligence, the demand for trailers in the United States is experiencing a significant decline. In 2024, trailer orders have decreased by 20% year-over-year, with July orders showing a 38% decrease compared to the same month in the previous year. Specifically, orders for dry freight trailers have dropped by 29%, while there is a 11% increase in demand for refrigerated trailers.
Notably, the number of canceled trailer orders has surpassed 30% between May and July, indicating a concerning trend in the industry. FTR projects that the production of trailers in the U.S. will reach 260,000 units in 2025. Furthermore, they anticipate further growth in 2027 and 2028, with expected production numbers of 302,000 and 305,000 trailers, respectively. This data suggests a complex and evolving landscape for the trailer manufacturing sector in the coming years.
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