Trucking news and briefs for Tuesday, April 4, 2023:
A last-minute bid from convenience store operator ARKO Corp., didn't slow down BP Products North America Inc.'s bid to acquire TravelCenters of America. TA on Monday said it filed its definitive proxy statement with the Securities and Exchange Commission in connection with its pending acquisition by BP. Under the terms of the pending transaction, BP will acquire all of the outstanding shares of TA common stock for $86 per share in cash.
The Special Meeting of Shareholders to approve the pending acquisition of TA by BP is scheduled for Wednesday, May 10 at 9:30 a.m. ET. Subject to shareholder and regulatory approval, the transaction is expected to close three business days after the Special Meeting.
ARKO Corp., one of the largest convenience store operators in the U.S. with 3,200 locations under various brands, last week issued a letter urging the Travel Centers of America’s Board of Directors to consider ARKO’s proposal to acquire TravelCenters – a bid the TA braintrust had already rejected.
Cummins says it is investing more than $1 billion across its U.S. engine manufacturing network in Minnesota, Indiana, North Carolina and New York. The investment will provide upgrades to those facilities to support Cummins' fuel agnostic engine platforms that will run on low carbon fuels, including natural gas, diesel and eventually hydrogen.
Cummins President and CEO Jennifer Rumsey said electrolyzer production in Minnesota and investment in its Indiana, North Carolina and New York facilities are reflective of Cummins' "dual path approach of advancing both engine-based and zero-emission solutions – an approach that is best for all of our stakeholders and our impact on the planet. We can’t do this alone and are grateful for the continued partnership and collaboration with congressional leaders and the Biden Administration.”
Cummins’ plans to invest $452 million in its Jamestown Engine Plant to upgrade its 998,000 square-foot facility in Western New York to produce the industry’s first fuel-agnostic internal combustion engine platform that leverages a range of lower carbon fuel types.
