Terms of the acquisition were not disclosed.
In making the announcement of the acquisition, Ron Massman, Chief Executive Officer of The Dependable Companies, commented, "the purchase of Matheson Fast Freight is an important step forward in our company's planned program of growth.' Matheson is one of the most respected names in trucking in the West.' With more than 35 years of experience, Matheson has carved out an enviable reputation for reliable, on-time service among shippers of every size and type of commodity."
Massman noted that the trucking industry is beginning to shake off the effects of the worst recession in 75 years.' "Latest figures indicate that trucking volume is up about 20 per cent from its low toward the end of last year.' DHE expects to capitalize on this renewed growth.' Along with the Matheson acquisition, we expect to take full advantage of a stronger U.S. economy."
The DHE executive pointed out that Matheson has a number of full service terminals throughout California, the single most important trucking market in the U.S.' Its facilities range from Chico in the North to San Diego in the South.' In Nevada, Matheson operates facilities in Las Vegas and Sparks. Massman said, "where two company terminals operate in the same city, the Matheson facility will be folded into Dependable Highway Express.' Where DHE has no facilities, the Matheson terminal will become part of the DHE network."
Massman also commented on the IT situation.' Acknowledging that merging different IT systems presents a difficult problem for senior management in any industry, the DHE CEO stated that "both IT departments have been working closely together to ensure a smooth transition of the Matheson system into the current DHE computer operation.' We expect a strengthening of our IT operation with higher service levels for our customers."
DHE-Dependable Highway Express has a long history in transportation.' Started in 1950 with one truck in Los Angeles, the company now operates six divisions around the world under The Dependable Companies umbrella. The Dependable Companies has some 36 domestic and international offices ranging as far afield as Latin America, Australia and the Pacific Rim.' It has grown both through internal expansion and acquisitions.' Originally, an LTL carrierwith services only in Southern California, DHE now provides LTL service throughout California, Arizona and Nevada, harbor drayage from northern and southern California ports and truckload service throughout the eleven Western states. DDC-Dependable Distribution Centers operates five public warehouses in California with over two million square feet in space.' The company's bokerage service, DLS-Dependable Logistics Services covers all areas not handled through the company's asset based operations. Through its DHX-Dependable Hawaiian Express division, it is one of the largest freight forwarders to Hawaii and Guam.' Other divisions include DGX-Dependable Global Express, an international ocean freight forwarding'company and DAX-Dependable AirCargo Express serving air shippers both domestically and internationally.
