Landair's board approves buy-out

Jan. 9, 2003
The board of directors of truckload carrier Landair Corp. has approved a buy-out offer made by two of the company's executives, who are also Landair's major shareholders. Chairman & CEO Scott Niswonger and president & COO John Tweed plan to purchase all of the publicly held shares of Landair common stock for $13 per share in cash. Niswonger and Tweed already together own approximately 71% of Landair's
The board of directors of truckload carrier Landair Corp. has approved a buy-out offer made by two of the company's executives, who are also Landair's major shareholders.

Chairman & CEO Scott Niswonger and president & COO John Tweed plan to purchase all of the publicly held shares of Landair common stock for $13 per share in cash. Niswonger and Tweed already together own approximately 71% of Landair's common stock.

In connection with the board's recommendation, they agreed to relinquish the ability to waive the requirement to closing that enough shares must be tendered to give them ownership of at least 90% of the outstanding Landair shares.

Despite a drop in its third quarter income last year, Greenville, TN-based Landair had increased its overall profitability through the first nine months of 2002.

Landair's net income in the third quarter of 2002 dropped slightly to $1.3 million on revenues of $25.5 million, down from net income of $1.6 million on revenues of $25.8 million in the same period in 2001.

For the nine months of 2002, however, Landair said its net income went up 2% to $4.05 million on revenues of $77.5 million, compared to net income of $3.97 million on revenues of $81.9 million over the first nine months of 2001.

About the Author

Sean Kilcarr | Editor in Chief

Sean reports and comments on trends affecting the many different strata of the trucking industry -- light and medium duty fleets up through over-the-road truckload, less-than-truckload, and private fleet operations Also be sure to visit Sean's blog Trucks at Work where he offers analysis on a variety of different topics inside the trucking industry.

Sponsored Recommendations

Reducing CSA Violations & Increasing Safety With Advanced Trailer Telematics

Keep the roads safer with advanced trailer telematics. In this whitepaper, see how you can gain insights that lead to increased safety and reduced roadside incidents—keeping drivers...

80% Fewer Towable Accidents - 10 Key Strategies

After installing grille guards on all of their Class 8 trucks, a major Midwest fleet reported they had reduced their number of towable accidents by 80% post installation – including...

Proactive Fleet Safety: A Guide to Improved Efficiency and Profitability

Each year, carriers lose around 32.6 billion vehicle hours as a result of weather-related congestion. Discover how to shift from reactive to proactive, improve efficiency, and...

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!