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Plus: BlackRock acquires Panama Canal Ports, LTL carriers see mixed February volumes, Trump annoucnes office of shipbuilding, and more.
Freight carrier Forward Air cuts 150 employees across sales, tech and C-suite after debt-laden Omni Logistics acquisition.
The post-merger pain continues at Forward Air. The freight carrier has laid off around 150 employees—from the frontlines to the C-suite—as it scrambles to integrate newly acquired Omni Logistics.
"We've made the difficult decision to restructure and reduce our workforce as we work to improve performance." - Forward Air spokesperson.
Adriana Pulley
The mega-deal was supposed to create an expedited shipping juggernaut. But the messy aftermath of layoffs, turmoil and debt suggests an extremely challenging road to get there.
The freight world will be watching closely if this ambitious merger can get back on track. Or if it goes down as one of the most disastrous acquisitions in recent freight history.
Source: FreightWaves
The European unit could potentially fetch around $2 billion, based on industry estimates.
Forward Air bounces back 30% after tanking from its Omni merger mess. Investors are cautiously optimistic about the turnaround.
RXO shares jump on UPS Coyote acquisition. Analysts boost price targets, but concerns linger over leverage and integration challenges.
Rather than trying to play in all aspects of freight, including LTL, FTL, asset-based carriers, etc, Tomé wanted to focus on consolidating UPS to what they do best: Parcel Delivery.
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