Atlanta, GA 5/19/2008 10:31:51 PM
News / Business

Jevic Transportation Shuts Down Citing High Fuel Costs

Jevic Transportation Inc., a large trucking company, has announced their decision to close citing high fuel costs. The chief executive officer of the company, David Gorman, posted a letter on Jevic’s wed site saying “high fuel costs, economic downturn, increasing insurance costs and tightening credit markets” are the reasons behind the shut down.

Gorman said Jevic will deliver all remaining loads before closing and will stop providing pickup services on May 19.

 

Jevic Transportation was founded in 1981 by Harry Muhlschlegel. The trucking company went public in 1997, with the Muhlschlegel’s still holding onto 70 percent of the business in stock. In 1997, Jevic was sold to Yellow Corp., also known at YRC Worldwide Inc., for $200 million.

 

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