Online load-matching firm NTE laid off 18% of its workforce because company projections at the beginning of the year that it would go public have not materialized.
The layoffs amount to 22 employees. NTE spokesman Steve Ford said the reductions in force were necessary so the company could decrease its expenses and extend its resources.
“When we ramped up earlier this year, we did so because we had expected to be publicly held,” Ford said, adding that market conditions prevented the move.
NTE is in the business of matching available freight with available trucking capacity over the Internet. It recently announced that it was changing its name from National Transportation Exchange and that it would expand its transportation management services beyond just an exchange.
For the full story, see the Nov. 13 print edition of Transport Topics. .
