Logistics company buys significant stake in other trucking company
As the stock market continues to rise and fall, some stakes in various trucking companies are quickly changing hands in accordance to the current environment. Recently, the Celadon Group, based in Indiana, purchased more than 6 percent of a stake in USA Truck Inc., based in Arkansas, reports Trucking Info. So far, neither company has made a definite statement as to if it will change their company dynamics.
Celadon did make a request to hold a meeting to discuss potential collaborations within the two logistics businesses, but no official partnership has been made clear yet.
"USA Truck, Inc. acknowledges the Schedule 13D Celadon Group, Inc. filed today," an official from USA Truck said in a statement. "The views of our stockholders are very important to us and we carefully consider their input."
According to Reuters, Celadon is worth roughly double the value of USA Truck on the books, which may reveal why the stakes were purchased. Officials say that stock in USA Truck dropped over the summer and the company expressed its concerns for third quarter losses.
Truckers who work for these companies or who have considered joining the industry after completing their compliance training for truck drivers coursework could see some changes in the upcoming year.
Thursday, October 13th, 2011
As the stock market continues to rise and fall, some stakes in various trucking companies are quickly changing hands in accordance to the current environment.