A robust, proactive, and responsive security system is essential to reduce cargo theft risks effectively. Leading the charge in these solutions is remote live video monitoring. Learn more here.
In the latest episode of "The Freight Caviar Podcast", we sit down with Danny Frisco, CEO & Co-Founder at Rapido Solutions Group. He discusses the advantages and disadvantages of outsourcing and Rapido's future growth plans.
Plus, an EV maker partners with Ryder to test a hybrid diesel system, HappyRobot releases an AI update for brokers, and load board traffic declines over the past 3 months.
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.
The Layoff Breakdown
Sales and tech roles hit hardest, multiple sources say
Cuts span clerks to executives per insiders
No official total yet, but around 150 positions impacted
"We've made the difficult decision to restructure and reduce our workforce as we work to improve performance." - Forward Air spokesperson.
A Controversial Acquisition
Forward doubled down, buying rival Omni Logistics in $2.1B deal
Promised to bolster expedited LTL services, but drew investor ire
Stock crumbled from $110 to $11 before rebounding to $21.50
A Tricky Road Ahead
Merging tech stacks, retaining customers a huge task
Balancing two sales channels: forwarders and direct shippers
Debt load is 5.5x EBITDA, ratings agencies downgrading
Q2 guidance and 2024 outlook eagerly awaited
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.
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
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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