Continental American Transportation Inc. relocates corporate headquarters to Georgia.CALHOUN, Ga.--(BUSINESS WIRE)--May 6, 1996--Continental American Transportation Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:COAW), which recently announced the acquisition of Carpet Transport Inc., A&P Transportation and Chase Brokerage, private trucking and logistics companies with combined 1995 revenues and net income of $85 million and $2.5 million, announced Monday the relocation RELOCATION, Scotch law, contracts. To let again to renew a lease, is called a relocation. 2. When a tenant holds over after the expiration of his lease, with the consent of his landlord, this will amount to a relocation. of its corporate headquarters to Calhoun from Pottstown, Pa. Management has also begun to implement its corporate consolidation plan, by absorbing A&P Transportation operation into its wholly owned operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Carpet Transport Inc. The objective is to eliminate redundancies and duplicate general and administrative functions and simultaneously improve operational efficiency and customer service. The designed move centralizes certain accounting, customer service and operational functions. Approximately 75 staff positions were made redundant. The internal restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). will maximize corporate profitability. The company expects to benefit immediately from net cost reductions in excess of $3 million annually, resulting from administrative overhead and insurance premium reductions. Calhoun is currently the site of Continental's state-of-the-art trucking facility, considered one of the most modern freight consolidation operations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. that specifically serves the carpet and textile industry. The Calhoun facility was obtained as part of the company's recently completed acquisition of Carpet Transport Inc., the trucking industry's premier carrier of the carpeting and textile products. Timothy Holstein, president and chief executive officer of Continental American Transportation Inc., stated: "We are committed to certain financial goals that we have formulated for fiscal year 1997 and these moves are instrumental in meeting our objectives. The Calhoun facility is a showpiece show·piece n. Something exhibited, especially as an outstanding example of its kind. showpiece Noun 1. anything displayed or exhibited 2. site, it is more centrally located for our business activity, and the bulk of our workforce is already here. It makes sense for this location to serve as our new corporate headquarters." Continental American Transportation Inc. is an acquisition-oriented company engaged in the management of operating businesses in the transportation, distribution and logistics of wholesale and retail goods. The company expects to announce its third quarter ended 3/31/96 results shortly. CONTACT: Continental American Transportation Inc. Louis Wright Louis Donnel Wright (born January 31, 1953 in Gilmer, Texas) is a former American Football cornerback who played his entire NFL career for the Denver Broncos for 12 seasons from 1975 to 1986. He was a five time Pro Bowler in 1977 to 1979, 1983 and 1985. , 706/629-8682 or Investor Resource Services Christy chris·ty n. Variant of christie. Miller, 407/647-8444 |
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