Daily Digital Magazine: Pg. 11 — January 9, 2019

J.B. Hunt picking up Cory for $100 million

“This is a strategic investment that will further advance our final-mile delivery capabilities,” says President and CEO John Roberts.

   J.B. Hunt Transport Services Inc. announced Wednesday its subsidiary, J.B. Hunt Transport, has entered into a definitive agreement to purchase Cory 1st Choice Home Delivery for $100 million.
   The acquisition will be funded using J.B. Hunt’s existing revolving credit facility, the company said.

J.B. Hunt picking up Cory for $100 million

“This is a strategic investment that will further advance our final-mile delivery capabilities,” says President and CEO John Roberts.

J.B. Hunt picking up Cory for $100 million

“This is a strategic investment that will further advance our final-mile delivery capabilities,” says President and CEO John Roberts.

 
Continued from previous page
   J.B. Hunt Transport Services Inc. announced Wednesday its subsidiary, J.B. Hunt Transport, has entered into a definitive agreement to purchase Cory 1st Choice Home Delivery for $100 million.
   The acquisition will be funded using J.B. Hunt’s existing revolving credit facility, the company said.
   “This is a strategic investment that will further advance our final-mile delivery capabilities of ‘big and bulky’ products to consumers and expand our expertise in furniture delivery,” said J.B. Hunt President and CEO John Roberts.
    Based in New Jersey and founded in 1934, Cory provides home delivery services of big and bulky products in the continental United States and U.S. territories using 14 warehouses and other customer-owned facilities. Cory utilizes more than 1,000 independent contractors, carriers and delivery drivers to complete over 2 million annual deliveries, J.B. Hunt said.
   Nick Hobbs, executive vice president and president of Dedicated Contract Services at J.B. Hunt, said, “Cory’s exceptional reputation for quality customer service complements our mission to be the best final-mile provider in North America.”
    J.B. Hunt said its final-mile division of the Dedicated Contract Services business unit operates one of the largest nationwide, co-mingled cross-dock operations and has the ability to serve 100 percent of the contiguous United States. In 2017, J.B. Hunt acquired Special Logistics Dedicated, expanding its pool distribution and fulfillment delivery capabilities.
    With the Cory acquisition, the final-mile division will grow to include 100 locations and more than 3.1 million square feet of warehouse and facilities space.
    Goldman Sachs & Co. LLC acted as financial adviser and Mitchell Williams served as legal adviser to J.B. Hunt.

I can absolutely deny that we have started a price war and can also say we have zero intent to do so. We are focused on profitability and generating cash.

Spot container rates from Shanghai to Los Angeles stood at $1,335 per FEU as of May 23, down 2% year-over-year, while rates from Shanghai to New York totaled $2,656 per FEU, up 8% year-over-year, according to Drewry’s World Container Index.

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J.B. Hunt picking up Cory for $100 million

“This is a strategic investment that will further advance our final-mile delivery capabilities,” says President and CEO John Roberts.

Jan 09, 2019 on Dec 27, 2018AmericanShipper.com

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J.B. Hunt picking up Cory for $100 million

“This is a strategic investment that will further advance our final-mile delivery capabilities,” says President and CEO John Roberts.

Jan 09, 2019 on Dec 27, 2018AmericanShipper.com