Buffet’s Berkshire Hathaway Buys Large Stake in Pilot Flying J

Photo: Pilot Flying J

Warren Buffet-run holding company Berkshire Hathaway has made a significant minority investment in truckstop chain Pilot Flying J, with plans to become the majority stakeholder by 2023, the companies announced.

The Haslam family will continue to own a majority of Pilot Flying J. Jimmy Haslam will remain its chief executive officer along with current President Ken Parent and the company's management team. Under the terms of the deal, Berkshire will acquire a 38.6% stake in the company with plans to become the majority stakeholder by 2023. At that point, the Haslam family will retain a 20% ownership share.

“Pilot Flying J is built on a longstanding tradition of excellence and an unrivaled commitment to serving North America's drivers,” said Warren Buffett, chairman, president and CEO of Berkshire Hathaway. “Jimmy Haslam and his team have created an industry leader and a key enabler of the nation's economy. The company has a smart growth strategy in place and we look forward to a partnership that supports the trucking industry for years to come.”

Pilot Flying J will remain headquartered in Knoxville, Tennessee. The truckstop company employs 27,000 people in 750 locations across the U.S. and Canada. The investment from Berkshire Hathaway is seen as an opportunity for growth.

“Given the impeccable reputation of Warren Buffett's Berkshire Hathaway, and our shared vision and values, we decided this was an ideal opportunity,” said Jimmy Haslam, CEO of Pilot Flying J. “As a family business that has evolved and prospered over the last six decades, we knew that any potential partner would need to share our commitment and have a proven track record as a long-term investor. We have that in Berkshire Hathaway – they believe in our strategy, support our team and are excited to see Pilot Flying J grow. We are honored and humbled ...Read the rest of this story

Kinedyne’s New Curtain-Side Solutions Address Changing Logistics Demands

A new curtain-side option is designed for delivery in tight urban areas.

ATLANTA – Cargo-control company Kinedyne introduced several new products to help make cargo access faster and easier as the effect of e-commerce continues to spread beyond traditional final-mile transportation.

“E-commerce is creating new cargo challenges, and Kinedyne is delivering new cargo solutions,” said Paul Wolford, vice president of sales and marketing for Kinedyne, during the inaugural North American Commercial Vehicle Show. “In the beginning, e-commerce had the greatest disruptive effect on end-of-the-line, also known as ‘final-mile' or ‘last-mile' delivery activities, but now companies throughout the supply chain are looking for ways to minimize transportation costs for cargo as it moves more swiftly throughout multiple transportation modes.”

Wolford explained that Kinedyne is bringing new technologies to North America that will help supply chains optimize the speed, cost and efficiency of controlling cargo as it transitions from its original state (as a raw commodity) to a high-density state (in shipping and in hubs) to a low-density state (as it makes its way through the last mile).

Among the products introduced were a load-rated curtain-side system for trailers, a unique double-decking system designed specifically for curtain-side applications, and a fast-access curtain-side system designed for urban operations.

The lightweight curtain-side system opens and closes at lightning-fast speeds, but is engineered to restrain lateral cargo movement. The system is suitable for trailers up to 53 feet. With rapid access on both ends, the cargo space can be opened and closed within mere seconds. The lightweight system is versatile and adaptable to a number of logistical challenges, such as palletized cargo, double-decking, rack-mounted goods and the transport of beverages

A load-rated curtain gives a trailer the combined advantages of flatbed access and a van's walled structure. The double-decking system maximizes load density, allowing loading and unloading access of both ...Read the rest of this story

ELDs will put supply chains in a vise. And maybe that’s a good thing.

For as long as I've covered both the trucking and logistics industries, they've functioned under a freight philosophy called “just-in-time” delivery or “JIT” for short.

Put simply, JIT is an inventory strategy companies employ to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, thereby reducing inventory costs.

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Good news on how to improve fuel efficiency

The bad news is there is no magic formula for improving fuel efficiency. The good news is that seven fleets just demonstrated that there are at least seven ways to achieve 10 MPG in real-world operation.

During the recent Run on Less 17-day fuel-economy road show, trucks logged more than 50,000 miles and averaged 10.1 MPG. But the news gets even better: three different trucks had daily MPGS of more than 12.5 and the highest daily MPG was 12.8.

Even the average daily low for these seven trucks was 8.8, much higher than the national average of 6.4.

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Organizers Pronounce Inaugural NACV Show Success, Plan for 2019

Ribbon cutting for the inaugural North American Commercial Vehicle Show in Atlanta. From left, Andreas Gruchow, Deutsche Messe; Elisabeth Barna, COO American Trucking Associations; Larry Turner, Hannover Fairs USA; and Jim Glionna, Newcom Business Media. Photo: NACV

Organizers of the first North American Commercial Vehicle Show held last week say they're happy with the results of the show's business-to-business concept and focus on global technology, and they learned how to improve the next one, to be held in 2019.

The NACV Show focused on truck & trailer manufacturers and commercial vehicle parts and components suppliers. It featured 439 exhibitors – 30% headquartered outside the U.S. – covering 370,000 square feet of net exhibition space at the Georgia World Congress Center. In fact, the exhibit space was sold out.

Some of the innovations announced and on display included hybrid and electric powered trucks, cutting-edge customizable trucks and trailers, connectivity solutions, advanced driver assistance systems, fuel efficiency equipment, safety technologies, and high-quality truck accessories.

“The NACV Show's B2B concept was a real hit with our attendees, who gave us high marks for launching such a global showcase,” said Larry Turner, president and CEO of Hannover Fairs USA and co-organizer of the show.

Gerry Mead, senior VP of maintenance for U.S. Xpress, said the show was "superb on technology." He appreciated the focus of many exhibitors on connectivity and predictive technologies. "This is what we need today to help with driver turnover and mitigate costly time wastes in a driver's clock," he said. "It also helps me as a maintenance executive to move to less costly planned maintenance events. Those first to technology that works, will win."

A total of 6,000 unique visitors and 9,000 visits for the four-day show represented industry leaders, suppliers, top fleet ...Read the rest of this story

Berkshire Hathaway invests in Pilot Flying J

Berkshire Hathaway Inc. and Pilot Flying J announced today that Berkshire has made a minority investment in Pilot Travel Centers LLC. The Haslam family will continue to own a majority of Pilot Flying J, and Jimmy Haslam will remain as chief executive officer.

Pilot Flying J President Ken Parent and the company's management team will also remain in place. The company will continue to be headquartered in Knoxville, TN.

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Continental hose plant celebrates 40th anniversary in Iowa

Continental's Mount Pleasant, IA, plant, its premier North American manufacturing facility for industrial and automotive hose products, celebrated its 40th anniversary over the weekend.

"We are proud to share in this celebration of a highly versatile and productive facility," said Jim Hill, ContiTech CEO for the North America region. "This plant has made hose for a variety of applications all over the world, and we are confident that it will continue that process into the future."

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