Preston Trucking ceases operations
PRESTON, Md. (July 26, 1999) — Preston Trucking Co., the 22nd largest trucking company in the United States, ceased operations today after 67 years of service.
In a news release, the Preston, Md.-based less-than-truckload carrier said it would continue to deliver all freight remaining in the system over the next two or three days.
The company said it was unable to overcome the revenue lost in 1998 as a result of uncertainty over the negotiation of a new labor contract and the company’s future.
Preston operated more than 60 terminals in the Northeast, Mid-Atlantic and Midwest and employed 5500 people. Its revenue in 1997 was $447 million US.
Last year Yellow Corp. sold Preston to company managers, led by Preston president David Letke. Earlier this year Yellow bought Jevic Transportation of Delanco, N.J., which competed with Preston in the Eastern U.S.
Preston is the second major U.S. LTL hauler to fold in as many months. On May 20, Denver-based Nationsway, a $364 million LTL carrier and a major Rocky Mountain States hauler, closed.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.