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Universal Logistics Holdings Acquires Parsec, a Market-Leading Rail Terminal Operator

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WARREN, Mich., Sept. 30, 2024 /PRNewswire/ — Universal Logistics Holdings, Inc. (NASDAQ: ULH) announced today its acquisition of Parsec, LLC, Parsec Intermodal of Canada ULC, and OB Leasing, LLC (collectively “Parsec”). Parsec is a market-leading provider of terminal management services to the Class I, regional, and short-line railroads across North America. With a highly-skilled workforce of nearly 2,100 employees, Parsec offers a comprehensive suite of terminal services at over 20 rail yards throughout the United States and in Canada. Parsec specializes in time-sensitive, container lift on and lift off services ensuring efficient and reliable operations at some of the most complex rail yards across the country. Among other services, Parsec also provides crane and intermodal equipment repair, drayage, and container and chassis stacking. For the trailing-twelve months ended August 31, 2024, Parsec reported total operating revenues of $230.2 million. Parsec will operate within Universal’s contract logistics segment, and the transaction is expected to be immediately accretive.

“I am extremely excited to welcome Parsec to the Universal family of companies,” stated Universal’s CEO Tim Phillips. “This is an exciting opportunity to build on Parsec’s long-standing customer relationships and further diversify our contract logistics service offering. Partnering with the railroads for over 35 years, Parsec is a go-to service provider offering rail yard terminal solutions. This strategic acquisition further enhances our value-added service offering, and provides Universal a meaningful presence in the rail terminal services space. On an annualized basis, the acquisition of Parsec is expected to boost Universal’s contract logistics segment revenues to over $1 billion.” 

The cash purchase price was $193.6 million, subject to customary post-closing adjustments. Dykema Gossett PLLC and Vistula PLC served as Universal’s legal advisors on the transaction. Livingstone Partners served as exclusive financial advisor to Parsec, and Katz Teller served as Parsec’s legal advisor.

About Universal

Universal Logistics Holdings, Inc. (“Universal”) is a holding company whose subsidiaries provide a variety of customized transportation and logistics solutions throughout the United States and in Mexico, Canada and Colombia. Our operating subsidiaries provide our customers with supply chain solutions that can be scaled to meet their changing demands. We offer our customers a broad array of services across their entire supply chain, including truckload, brokerage, intermodal, dedicated and value-added services. In this press release, the terms “us,” “we,” “our,” or the “Company” refer to Universal and its consolidated subsidiaries.

Forward Looking Statements

Some of the statements contained in this press release might be considered forward-looking statements. These statements identify prospective information. Forward-looking statements can be identified by words such as: “expect,” “expected to,” “anticipate,” “intend,” “plan,” “goal,” “prospect,” “seek,” “believe,” “targets,” “project,” “estimate,” “future,” “likely,” “may,” “should” and similar references to future periods. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the statements. These forward-looking statements are subject to a number of factors that may cause actual results to differ materially from the expectations described. Additional information about the factors that may adversely affect these forward-looking statements is contained in Universal’s reports and filings with the Securities and Exchange Commission. Universal assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws.

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SOURCE Universal Logistics Holdings, Inc.

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Gilbane Building Company President & CEO Adam R. Jelen Joins ACE Mentor Program Board of Directors and Executive Committee

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Jelen, a long-time partner of ACE to offer leadership, vision, and strategy to benefit the Program

PROVIDENCE, R.I., Nov. 21, 2024 /PRNewswire-PRWeb/ — Gilbane Building Company announced the appointment of President & CEO Adam R. Jelen to the ACE Mentor Program of America Board of Directors. Jelen will serve in this prestigious leadership role for a renewable three-year term.

“As a long-time partner of the ACE Mentor Program, I am deeply honored to join its national executive committee,” said Adam R. Jelen, President & CEO, Gilbane Building Company.

“As a long-time partner of the ACE Mentor Program, I am deeply honored to join its national executive committee,” said Adam R. Jelen, President & CEO, Gilbane Building Company. “The Program empowers and inspires the next generation by enabling young people to see what’s possible in our industry. It plays a crucial role in developing new talent to enter our workforce, fostering diversity, and supporting career pathways. I look forward to contributing to the impactful work ACE Mentor continues to do in building a brighter, more inclusive future for our field.”

Jelen’s appointment bolsters an already esteemed board committed to steering ACE’s goal of inspiring the next generation of architects, engineers, and construction leaders. The board plays a crucial role in shaping ACE’s initiatives and supporting the development of young talent in the field. Jelen has long championed ACE, including serving as a founding member and emeritus board member of the ACE Mentor Program of Wisconsin.

The mission of the ACE Mentor Program is to engage, excite, and enlighten high school students to pursue careers in architecture, engineering, and construction through mentoring and continued support for their advancement into the industry.

For additional details about the ACE Mentor Program and board members, please click here.

About Gilbane Building Company

Gilbane Building Company is a global leader in construction management, delivering high-quality projects for clients across various markets. Gilbane provides a full slate of construction and facilities-related services – from preconstruction planning and integrated consulting capabilities to comprehensive construction management, general contracting, design-build, and facility management services. Founded in 1870, Gilbane is still a privately held, family-owned company. With more than 45 office locations worldwide, Gilbane brings world-class experience to local communities.

For more information, visit http://www.gilbaneco.com.

Media Contact

Lynn Rasic, Gilbane Building Company, 212-822-0319, lrasic@gilbaneco.com, www.gilbaneco.com

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SOURCE Gilbane Building Company

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Minister Wilkinson Welcomes the Indigenous Council’s ‘Kinship and Prosperity’ Report to Power More Indigenous, Rural and Remote Communities with Clean Energy

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OTTAWA, ON, Nov. 21, 2024 /CNW/ – Indigenous Peoples have traditional knowledge and expertise to help address climate change and protect the environment. 

Today, the Honourable Jonathan Wilkinson welcomed the release of Kinship and Prosperity: Proven Solutions for a Clean Energy Landscape, the Wah-ila-toos Indigenous Council’s Report. The report provides recommendations to power more Indigenous, rural and remote communities with clean energy while recognizing the various challenges these communities face. It affirms that Indigenous Peoples are leaders and knowledge keepers, and that they have the skills and experiences needed to establish a thriving economy while living in reciprocity with the environment.

The recommendations outlined in the report will help inform the development of future climate strategies and policies, providing a framework for integrating Indigenous voices into this work. The Government of Canada will continue to work with Indigenous Peoples and other energy partners to identify opportunities to advance joint priorities including in response to the Council’s advice, which will also be reflected in Canada’s upcoming Clean Electricity Strategy.

We thank the Council for the significant and important work it has done over the past two years, including on this report. These recommendations will play a key role in guiding action to reduce the use of expensive and polluting fossil fuels for heat and power in Indigenous, rural and remote communities and instead advance clean energy solutions that have the potential to save people money on energy and create economic opportunities and jobs in First Nations, Inuit and Métis communities.

Quotes

“I thank the Council members for their work and recommendations, which speak to the power and contribution of Indigenous leadership in advancing clean energy in Indigenous, rural and remote communities. They will contribute to creating economic prosperity and security now and into the future as well as build strong, healthy and more resilient communities and make life affordable, especially in the North. Seizing the opportunity that clean energy presents continues to be important for Indigenous communities and the Government of Canada as we work together toward reconciliation. I look forward to continuing work on shared priorities guided by the Council’s advice.”

The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

“It is only through the collective efforts of Indigenous communities, industry, government and local leaders that we will see results in our fight against climate change. I am deeply heartened by and appreciative of the hard work of the Wah-ila-toos Indigenous Council, who have offered important guidance for further advancing Indigenous clean energy leadership. I look forward to seeing these principles and recommendations woven into Canada’s path to a cleaner energy future.”

The Honourable Dan Vandal
Minister of Northern Affairs

“We are grateful for the expertise and leadership of the Wah-ila-toos Indigenous Council in advancing energy transition efforts within Indigenous communities and across the country. Our government continues to work in partnership with Indigenous communities to support reconciliation and self-determination. Together with Indigenous partners, we are building a low-emission, cost-effective energy future, which will in turn improve health and resilience within Indigenous communities and across Canada.”

The Honourable Patty Hajdu
Minister of Indigenous Services

Quick Facts

The members of the Wah-ila-toos Indigenous Council, launched in December 2022, were selected on the basis of their knowledge and leadership in supporting community-driven clean energy projects within Indigenous communities.The Council is distinctions-based, with First Nation, Inuit and Métis representation, and reflects diverse communities, languages, geographic regions, skills and genders.

Associated links

Indigenous CouncilWah-ila-toosClean Energy for Rural and Remote CommunitiesIndigenous Off-Diesel InitiativeNorthern REACHE ProgramCanada Infrastructure Bank’s financingStrategic Partnerships Initiative2030 Emissions Reduction Plan: Clean Air, Strong Economy

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SOURCE Natural Resources Canada

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Insights About Today’s Clothing Shoppers

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SEOUL, South Korea, Nov. 22, 2024 /PRNewswire/ — On November 15, 2024, Cotton Incorporated presented and shared marketing data and analyses about consumer attitudes and habits relating to apparel shopping with the professionals from the textile apparel industry at the media sharing session in Seoul, South Korea.

Melissa Bastos, Director of Corporate Strategy and Insights for Cotton Incorporated, oversees research on consumer attitudes and behaviors and retail assessments conducted in the United States, Latin America, South Korea, Thailand and other Asian countries. Cotton Incorporated keeps providing valuable market insights to support decision-makers throughout the global cotton supply chain.

“In recent years, the proportion of consumers choosing to shop online has continued to rise, with convenience, lower prices, and a wider variety of options being key factors for this choice,” stated Bastos.

Bastos also noted that nearly three-fifths of consumers experienced quality issues when purchasing apparel online. Globally, consumers often associate cotton products with fashion, comfort, and trusted quality, with 55% noting they would pay more for clothes made from cotton.

Bastos highlighted that jeans were a significant cotton product, with 80% South Korea consumers expressing a preference for wearing them. As sustainability in apparel becomes increasingly important to consumers, factors like the use of natural fibres, and sustainable production may influence their decisions to purchase jeans. She indicated that the industry was actively promoting traceability strategies, with cotton being one of the most commonly traced materials, which enhanced the value of cotton products.

As a non-for-profit organization dedicated to promote cotton products, Cotton Incorporated’s mission is to increase the demand for and profitability of cotton. Cotton Incorporated is also dedicated to raising awareness of cotton’s sustainability. Their Blue Jeans Go Green™ denim recycling program has collected over two million pieces of denim, repurposing them into UltraTouch™ denim insulation materials for construction use. Additionally, Cotton Incorporated actively researches cotton cultivation and product technology, offering a range of sustainable solutions for the textile sector that strengthen the market position of cotton products.

For more information about cotton, you can visit the Cotton Incorporated website (www.cottoninc.com) to access a wealth of industry information, including market data, monthly economic updates, cotton production information, production resources, and performance technologies related to cotton.

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/insights-about-todays-clothing-shoppers-302313092.html

SOURCE Cotton Incorporated

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