A proposed major merger of two railroads would have a significant impact on this country's trucking industry.
Union Pacific Corporation and Norfolk Southern Corporation late last week filed an application with the Surface Transportation Board (STB) requesting approval to combine the two railroads. The companies entered into a merger agreement on July 29, which would create America’s first transcontinental railroad.
The nearly 7,000-page application provides details on how the end-to-end combination will enhance competition and deliver broad public benefits, according to a statement from the two companies.
The application also shows what the merger would mean to America's truckers. The companies say the merger would mean, "less congestion and wear on America’s roadways. A seamless transcontinental railroad will compete more aggressively with long-haul trucking, shifting an estimated 2 million truckloads of freight from road to rail annually. The result will be reduced congestion, safer roads and less wear on taxpayer-funded roads."
Knight-Swift Transportation and C.R. England support the rail merger.
The merger request also touted that railroads produce less air pollution than trucking. It said, " Rail is already the most sustainable way to move freight over ground, according to the Association of American Railroads, with roughly 75% less carbon emissions than trucks. The merger will further reduce emissions by removing more trucks from the road, running trains more efficiently, investing in cleaner and more efficient technologies, and providing customers with better tools to achieve their own sustainability goals."
Love's expands factoring services
Love’s Travel Stops recently said it is accelerating its financial services arm, Love’s Financial, through the acquisition of three freight factoring providers serving small- to mid-sized trucking fleets.
The company recently announced it has acquired TBS Factoring Service, Saint John Capital and Financial Carrier Services. These companies operate out of Oklahoma City, Oklahoma; Chicago, Illinois; and Charlotte, North Carolina, respectively.
The acquisitions closed Dec. 19, and terms of the agreement were not disclosed.
Through the acquisition process, the about 3,400 new customers will not experience any disruptions or delays in funding, according to a statement from Love's. They will also gain access to additional services at Love’s nationwide network of travel stops, including fuel discounts and access to a no-fee credit line on Love’s Express Billing card program.
More information about Love’s financial services can be found at lovesfinancial.com.
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