After boiling over last year with multibillion-dollar deals involving UPS Inc., FedEx Corp., XPO Logistics and others, the 2016 merger and acquisition pot has slowed to a simmer while hungry buyers and sellers keep searching for appealing deals.
May 30, 2016Business
FedEx Begins Integrating TNT After Purchase
FedEx Corp. announced last week that it would begin integration of TNT Express assets immediately after completing the $4.9 billion deal, its largest-ever acquisition.
May 30, 2016Government
UPS Exec Urges Passage of Trade Pact, Says Protectionism Hurts Supply Chain
WASHINGTON — Protectionism has become a political issue that is a threat to an efficient global supply chain, world trade and the critical importance of making the Trans Pacific Partnership trade agreement a reality, a top UPS Inc. official said.
May 23, 2016Government, Business
Central States Won’t Create New Pension Rescue Plan, Appeals to Congress for Help
The Central States Pension Fund has decided not to submit a new rescue plan to avert future insolvency, leaving the question of funding future pensions for its Teamster members in the lap of Congress.
May 20, 2016Business
FedEx Sets May 25 for Completion of TNT Acquisition
FedEx Corp. and TNT N.V., the Dutch package and freight operator, announced their $4.9 billion combination will be completed on May 25, a move that represents the largest acquisition ever for the U.S. company.
May 19, 2016Government
US Political Climate Threat to Global Supply Chain, Logistics Execs Say
WASHINGTON — Protectionism has become a political issue that is a threat to an efficient global supply chain, world trade and the critical importance of making the Trans Pacific Partnership trade agreement a reality, a top UPS Inc. official said.
May 18, 2016Business, Government
With Union Pensions in Jeopardy, Fund Appeals to Congress for Aid
Thorny Teamsters pension issues were pushed into Congress’ lap last week by the Central States Pension Fund after the U.S. Treasury Department rejected the fund’s bid to create long-term solvency by cutting pension benefits by about 50% for most union retirees.
May 16, 2016Business, Government, Safety, Logistics
XPO Rebuffs Meeting Unions on Complaints
The Teamsters union and European labor representatives last week tried, but failed, to force a meeting with XPO Logistics Inc. CEO Bradley Jacobs to discuss union issues.
May 16, 2016Business
Treasury Department Rejects Central States Pension Fund Plan to Cut Teamsters Benefits
The U.S. Treasury Department, through Special Master Kenneth Feinberg, has rejected Central States Pension Fund’s proposal to cut benefits for 270,000 Teamsters retirees, often by half, saying the plan presented to the government failed to meet the requirements of a 2014 law.
May 9, 2016Business, Logistics
XPO, Estes Agree to Pay $13 Million to Settle DOD Overcharge Claims
XPO Logistics Inc. and Estes Express Lines have agreed to pay a total of $13 million to settle overcharge claims in connection with the Defense Transportation Coordination Initiative program, a federal contract that was meant to lower military logistics costs.
May 9, 2016