ECM TRUCKING DRIVERS
Drivers will see no changes to daily operations as driver leaders and leadership remain in place and they will be able to continue to operate their current equipment. Management expects little attrition of customers or drivers as the fleet will continue to operate under the current ECM banner. Werner reported adjusted earnings of $2.59 per share in 2020. On a Friday call with analysts, management said the deal is likely to add roughly 20 cents per share to annual earnings. With a 19.8% operating margin, the deal is expected to be accretive to Werner’s earnings in the first year. The group generated revenue of $108 million in 2020 with 500 trucks and 2,000 trailers out of its network of eight terminals and 18 drop yard facilities. The ECM group of companies includes regional truckload carriers Cheswick, Pennsylvania-based ECM Transport, which operates a fleet of 450 trucks, and Motor Carrier Services of Pennsylvania, which has 50 trucks and is headquartered in Northwood, Ohio. The Omaha, Nebraska-based carrier has the option to purchase the remaining 20% of ECM after five years. Transportation and logistics provider Werner Enterprises ( NASDAQ: WERN) announced Thursday after the market close that it had acquired an 80% equity stake in ECM Transport Group for $142.4 million. The Forum at FreightWaves LIVE (Fall 2019).Evolve: The Next Evolution of Oil & Gas.Podcasts: FreightWaves FreightCasts Network.Loaded & Rolling (Enterprise Fleet News/Analysis).