Yellow To Spin Off Regional Businesses
Yellow Corp., Overland Park, Kan., plans to spin off SCS Transportation, the holding company for its regional operating companies, Saia Motor Freight and Jevic Transportation
Yellow Corp., Overland Park, Kan., plans to spin off SCS Transportation, the holding company for its regional operating companies, Saia Motor Freight and Jevic Transportation.
The spin-off of SCS would be accomplished by distributing to shareholders all the stock of SCS Transportation. SCS was formed at the end of January.
The company anticipates the spin-off to be completed before the end of 2002.
"With the anticipated improvements in the economy, the timing is right to spin-off the regional business from Yellow Corporation so that both entities can pursue independent growth strategies that will increase shareholder value," said Bill Zollars, Chairman, President and CEO of Yellow.
In its most recent financial statement, the company reported that at Saia, fourth-quarter 2001 revenue was $118 million and operating income was $4.8 million. That compared to fourth-quarter 2000 revenue of $120 million, and operating income of $1 million. Jevic reported fourth-quarter revenue of $67 million and operating income of $1.1 million, compared with 2000 fourth-quarter revenue of $77 million and operating income of $4.5 million.
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