Cummins to form joint venture with hydrogen storage company
The announcement marks the latest in a series of steps the Columbus-based engine maker has taken in recent years to diversify its offerings in alternative-energy power systems.
Trucking
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Celadon auctioning off equipment from east-side headquarters
Indianapolis-based Key Auctioneers will be handling the sale of office furniture, computers, truck parts and other items from Celadon’s east-side headquarters as the trucking company liquidates its assets in bankruptcy.
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CEO leaving bankrupt Celadon for new logistics job
Celadon CEO Paul Svindland, who joined the company in 2017 and tried to turn around the troubled trucking company, is departing for a CEO job at another logistics company.
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Celadon selling Andy Warhol prints as part of bankruptcy
The Warhol screen prints, four brightly colored pieces depicting tractor trailer trucks, hung in the trucking company’s corporate offices.
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Bankrupt Celadon plans to sell 102-acre campus
Most of Celadon’s real estate holdings in Indianapolis are on the east side, where available industrial land is in short supply. So, observers say, the anticipated divestiture should attract plenty of attention.
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Articles
Former Celadon affiliate 19th Capital sold in deal that should save dozens of jobs
Two out-of-state financial services firms have acquired the assets of former Celadon Group Inc. affiliate 19th Capital Group in a deal that will allow the Indianapolis-based company to continue operating with a reduced workforce rather than shutting down as previously planned.
Holcomb suspends commercial driver rule, acts to help low-income Hoosiers keep services
Holcomb signed an executive order meant to speed up deliveries to retailers, which are running short of supplies, by lifting regulations on the number of hours that commercial drivers can work.
Former Celadon affiliate 19th Capital to close, terminate 199 workers
The Indianapolis-based asset financing and fleet management company notified state officials this week that it will permanently close its operations late next month, eliminating all of its employees.
Celadon alleges North Carolina company is holding its vehicles for ‘ransom’
The trucking firm won a temporary restraining order against the repo company on Thursday.
VW plots U.S. truck expansion with $2.9 billion Navistar offer
Volkswagen has offered to buy the rest of Navistar International Corp. to secure a bridgehead in the U.S. heavy-truck market and step up its challenge to Daimler and Volvo.
Tennessee company seeks to buy 20-acre Celadon site
If other bidders emerge for the property, an auction will be held Jan. 22 at the New York City office of Celadon’s bankruptcy counsel, DLA Piper LLP.
IBJ Podcast: The demise of a trucking giant
In the years after Celadon Group’s co-founder and longtime leader, Stephen Russell, retired and then died, the company went in new directions that led to financial problems and accusations of fraud. Podcast host Mason King talks with IBJ Editor Greg Andrews and reporter Susan Orr about Celadon’s rise and fall as well as what role the fraud allegations played in its demise.
BEHIND THE NEWS: A flawed culture poisoned Celadon
Critics of Celadon management say a deep-seated, clubby culture helped propel the Indianapolis-based trucking giant toward financial ruin.
Celadon shutdown to create shipping headaches for Fortune 500 firms
The company moved goods for many well-known companies, including Alcoa, General Electric, John Deere, Philip Morris, Procter & Gamble, Target and Walmart.
Fast-growing logistics firm planning to hire 35 in Indianapolis
The fastest-growing company in the Indianapolis area is making plans for more growth throughout the state.
Administration takes step to relax trucker drive-time rules
The move has been long sought by the trucking industry but opposed by safety advocates who warn it could lead to more highway crashes.
Celadon lines up $165M in new financing, to replace aging fleet
Celadon CEO Paul Svindland said the financing would provide “a solid platform for the next stage of our business turnaround.”
U.S. truck driver shortage on course to double in decade
In addition to increasing pay, trucking companies are trying to recruit more women, young people and former military personnel.
Administration moves to ease drive-time rules for truckers
President Donald Trump has made rolling back layers of regulatory oversight a top priority. At least a dozen transportation safety rules under development or already adopted were repealed, withdrawn, delayed or put on the back burner during Trump’s first year in office.
Celadon Group makes fourth divestiture in past month
The Indianapolis-based trucking company announced Friday that it has sold its intermodal operations to Winnipeg, Manitoba-based Bison Transport.
Celadon Group sells two subsidiaries for $139.5 million
The Indianapolis-based trucking company said the divestitures are part of its larger plan to streamline operations and reduce its debt load.
Indianapolis-based FitzMark acquires fast-growing local competitor
The acquisition creates a local logistics company with about 130 employees and annual revenue of about $145 million.
Celadon CEO Svindland recovering after brain surgery
CEO Paul Svindland is recovering at home following surgery last week to remove a benign brain tumor, the Indianapolis-based trucking company said Tuesday.
Cummins CEO: U.S. should take incremental steps to resolve trade tensions
Cummins CEO Tom Linebarger says a practical, targeted approach will work better than “carpet-bombing” China with escalating tariffs.