2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements. The rating outlook is stable.Proceeds from the first and second lien term loans along with cash equity will be used to finance the purchase of a majority stake of LaserShip by the private equity firm American Securities LLC.The following rating actions were taken:Assignments:..Issuer: ASP LS Acquisition Corp.. Corporate Family Rating, Assigned B3. Probability of Default Rating, Assigned B3-PD.Senior Secured 1st Lien Revolving Credit Facility, Assigned B2 (LGD3).Senior Secured 1st Lien Term Loan, Assigned B2 (LGD3).Senior Secured 2nd Lien Term Loan, Assigned Caa2 (LGD5)Outlook Actions:..Issuer: ASP LS Acquisition Corp..Outlook, Assigned StableRATINGS RATIONALELaserShip's ratings reflect the company's modest scale in the highly competitive e-commerce residential delivery space, relatively limited track record operating at high delivery volumes and elevated financial leverage. It will be the only pure-play national e-commerce solution . Its enough to comfortably replace my old jobs income, especially considering I only work about 11 to 12 hours a week from home. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); 212-476-8071 Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.These ratings are solicited. LaserShip's proven, industry-leading last-mile delivery platform will help you acquire and retain customers with faster delivery while building capacity and flexibility within your supply chain. Greenbriar is a specialist investor focused on growing market leading companies where we can partner with management to execute a specific value creation plan. About American Securities EBITDA margins approaching 10% or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down. Moody's expects LaserShip to maintain adequate liquidity, with modest cash balances balanced by full availability under its upsized $125 million revolver. MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. American Securities and its affiliates have more than $25 billion under management. Copyright 1997-2015, Vocus PRW Holdings, LLC. MOODYS ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. MSFJ is not a Nationally Recognized Statistical Rating Organization (NRSRO). American Securities LLC (originally named American Securities Capital Partners (ASCP)), is an American private equity firm based in New York with an office in Shanghai that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA.American Securities and its affiliates have . LaserShip is funded by American Securities. It will be the only pure-play national e-commerce solution in last-mile parcel delivery and will enhance customers ability to meet growing demand in the consumer delivery market. Your email address will not be published. +1 (212) 310-8239. nicole.chen@weil.com. FreightWaves has requested an interview with Duffy. "We are pleased to welcome Mark as CEO of LaserShip," said Will Manuel, Chairman of the Board of LaserShip and a Managing Director of American Securities. For more information, visit american-securities.com. window.googletag = window.googletag || {cmd: []}; OnTrac is a SmartWay Transport Partner, a USPS Workshare Partner, and integrates with over thirty different multi-carrier software providers. He added LaserShip as a national carrier would mean a lot of shippers will be willing to move from UPS and FedEx. MOODYS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Lasership serves customers worldwide. Moodys SF Japan K.K. Find company research, competitor information, contact details & financial data for Grand Fortune Securities Co.,Ltd of Taipei City. Copyright 2023, All Rights Reserved, FreightWaves, Inc. Should FedEx, UPS care about the LaserShip-OnTrac merger? Specifically, Skiver added expansion into new markets like Dallas and Chicago could lead to profitable growth for LaserShip. Its the next chapter in our steadfast commitment to the On-Time for Less promise we make to our shippers with every package, every day.. Our new facilities in the fast-growing urban megaregion of Austin, Dallas-Fort Worth, Houston, and San Associate New York. Solomon witnessed and narrated the rise of Amazon and XPO Logistics and the shift of the U.S. "I . VIENNA, Va. (PRWEB) February 28, 2023 LaserShip/OnTrac, the largest regional e-commerce parcel carrier in the U.S. and leader in e-commerce last-mile delivery, today announced the appointment of Mike Duffy as the company's new Chief Executive Officer, effective immediately.Mr. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODYS PRIOR WRITTEN CONSENT.MOODYS CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODYS from sources believed by it to be accurate and reliable. Cash collections during the first quarter following the peak holiday season represent a strong period of cash flow while the fourth quarter typically represents weaker cash generation, at which time the company may tap its revolver. The number of new customers has increased rapidly of late, and remains to be seen whether the company can service all of its customers at the required service levels. Questions about a news article you've read? About 26% said they increased their use of regional carriers in 2018, though nearly half said they would engage more frequently during 2019. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. LaserShip/OnTrac, the largest regional e-commerce parcel carrier in the U.S. and leader in e-commerce last-mile delivery, today announced the appointment of . It is classified as operating in the Couriers & Express Delivery Services . LaserShip is part of a portfolio within American Securities and Greenbriar and said that both companies will provide additional equity financing and continued strategic support for the combined company. I was amazed how easy it was after I tried itGOOD LUCK.. Our new service fills that void and were excited to serve as a supportive, long-term partner for our customers, he said. I make more then $12,000 a month online. Mike Cavanagh Analyst Corporate Finance Group Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. googletag.pubads().enableSingleRequest(); (FS) Private equity firms American Securities and Greenbriar-backed LaserShip, an e-commerce last-mile delivery services provider, agreed to merge with OnTrac Logistics, a logistics services provider, in a $1.3bn deal. LaserShip's $1.3-billion deal for OnTrac gives it delivery coverage on both U.S. coasts. For more information, visit ontrac.com. Rating Action: Moody's assigns B3 CFR to LaserShip; outlook stableGlobal Credit Research - 19 Apr 2021New York, April 19, 2021 -- Moody's Investors Service, ("Moody's") assigned first-time ratings to ASP LS Acquisition Corp. ("LaserShip") including a B3 corporate family rating ("CFR") and a B3-PD probability of default rating. Will Manuel, an American Securities managing director who is also LaserShips chairman, has high aspirations for the entity in a delivery world turned upside down by the COVID-19 pandemic. NEW YORK and STAMFORD, Conn., March 12, 2021 /PRNewswire/ -- Conair Corporation, a global leader in premium kitchen electric appliances . Greenbriar looks to identify companies with proven management teams capitalizing on strong long-term growth prospects that can benefit from Greenbriar's deep sectoral expertise and strategic insight alongside our proven operating capabilities and network of senior executive relationships. This merger of two strong companies is a testament to the extraordinary efforts of our team members to build a leading parcel carrier and logistics business, said Mike Roth, Board member and interim CEO of LaserShip. The ultimate objective is to build out a coast-to-coast delivery network to compete with the large national carriers. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[468, 60], [728, 90], [300, 100], [320, 50]], 'div-gpt-ad-1665767472470-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); LTD. TAIPEI BRANCH of Taipei City. October 13, 2021. googletag.cmd.push(function() { Based in New York with an office in Shanghai, American Securities is a leading U.S. private equity firm that invests in market-leading North American companies with annual revenues generally . Text. Last year became a before and after moment for parcel delivery. Get the latest business insights from Dun & Bradstreet. We are dedicated to a true partnership with our management teams, our colleagues, our investors, and all others who help us achieve our mission. googletag.pubads().enableSingleRequest(); JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 2021 Moodys Corporation, Moodys Investors Service, Inc., Moodys Analytics, Inc. and/or their licensors and affiliates (collectively, MOODYS). FedEx, which held a 9.8% share in 2000, controlled 20.4% of the market by 2020, according to the firms numbers. 1.9 Days. AND/OR ITS AFFILIATES. About American Securities LLC. Duffy succeeds Mark Holifield, who also steps down from the Vienna, Virginia-based companys board, effective immediately. 2023 American Securities. Its throwing the baby out with the bath water, Jindel said. If your package is marked delivered but you cannot locate it, please submit an inquiry after tracking by choosing " Tracking shows delivered; no package ". Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Our 25-year fund life allows us to focus on the long-term best interest of companies. Actual revenue for the fiscal year ended December 31, 2020 was approximately $613 million.The principal methodology used in these ratings was Surface Transportation and Logistics published in May 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1113382. vCard. All Rights Reserved. LaserShip Chief Commercial Officer Josh Dinneen told the Wall Street Journal that the combined company's 100+ sorting and delivery hubs in 30 states and the . LaserShip/OnTrac names new CEO Mike Duffy is currently a board member for the regional parcel carrier and CEO of FleetPride, a truck and trailer parts distributor. Whats more, Dinneen explained that the transcontinental service launch was based on overwhelming feedback LaserShip and OnTrac received from their customers about the need for a carrier with their speed, reliability, cost-savings and service, but with nationwide scale. Liked by Will Manuel. The conventional wisdom is that regional carriers offer competitive rates because of their relatively low overhead. googletag.pubads().collapseEmptyDivs(); That month, FedEx closed on a deal announced the prior October to acquire Caliber System Inc., whose Roadway Package System (RPS) unit had been quietly nibbling at UPS competitive position for 13 years. The deal is expected to close in Q4. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1243406.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. }); Depending on how the holiday season pans out, FedEx Corp. and UPS Inc. will get close to $200 billion in combined annual revenue by the time they finish their reporting years: UPS on Dec. 31 and FedExs the following May 31. At less than $1 billion in revenue, LaserShip is significantly smaller than national deliverers UPS and FedEx, but maintains a strong regional network focused on densely populated areas in the eastern US.LaserShip has exhibited substantial growth in its e-commerce delivery business, especially during 2020 and continuing into 2021 as the company shifted focus to the e-commerce space from its traditional B2B business, with significant new customer wins and very substantial throughput with delivery volumes more than doubling. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. Questions about your PRWeb account or interested in learning more about our news services? Its the next chapter in our steadfast commitment to the On-Time for Less promise we make to our shippers with every package, every day.. (2 minutes) Last-mile delivery specialist LaserShip Inc. on Friday said it named Mark Holifield chief executive, poaching the veteran supply . October 11, 2021 Nicole Chen is an associate in Weil's Private Equity practice and is based in New York. If you've already placed an investigation and it's been more . - We also assigned our 'B-' rating and '3' recovery rating to the company's proposed $675 million first-lien . googletag.pubads().collapseEmptyDivs(); LaserShip is a non-asset-based parcel delivery company that leverages a flexible network of sort centers and delivery hubs to provide "distribution center to doorstep" delivery to e-commerce customers. }); googletag.cmd.push(function() { LaserShip and OnTrac are expanding to Texas! LaserShip and OnTrac will begin to link their networks in 2022 to ensure seamless service for customers during the 2021 peak holiday season. Holifield formally assumed the role on Nov. 8, 2021. All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODYS (COLLECTIVELY, PUBLICATIONS) MAY INCLUDE SUCH CURRENT OPINIONS. In 2022, the company spent $100 million to build a sortation hub in Philadelphia and to expand facilities in Columbus, Ohio; Charlotte, North Carolina; and Nashville, Tennessee. For more information, visit ontrac.com. I predict more consolidation of regionals especially with the rate increase being slapped on shippers by UPS and FedEx this year. Mark Lovett, David Horing, Former Tekni-Plex CEO Paul Young, and David Musicant. There was never any discussion that Holifield would be there for such a finite period of time, said a source outside the company. It will be the only pure-play national e-commerce solution in last-mile parcel delivery and will enhance customers ability to meet growing demand in the consumer delivery market. FedEx and UPS, if need be, will sow shipper doubt about diverting volumes to the merged entity, citing inferior technology and the lack of a bona fide national network that can scale to meet shippers multiple needs. Rob Martinez, founder and co-CEO of consultancy Shipware LLC, said he was surprised by the announcement. @LaserShipAssist. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot3', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767553440-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); E-commerce and B2C fulfillment is what Jindel called 31 flavors, meaning there are many ways to skin the cat. Tuesdays announcement also caught employees off-guard. Founded in 1986, LaserShip is based in Vienna, Virginia and has sorting centers in New Jersey, Ohio, North Carolina, and Florida.. As of 2016, LaserShip has 63 distribution centers and four sorting centers servicing 22 states and Washington, D.C., and handles deliveries for Amazon's Same Day . The OnTrac service area includes California and the major metropolitan areas of Arizona, Nevada, Oregon, Washington, Utah, Colorado, and Idahoan area that is home to over 65 million consumers. Strong growth is likely to continue over the next couple of years as consumers become accustomed to less than two-day delivery times for ecommerce purchases.. They will operate separately for the balance of the year, with integration taking place in 2022. }); Duffys background at FleetPride and elsewhere extraordinarily prepares him to succeed in his new role, Martinez said. As national carriers continue to implement surcharges and off-schedule rate increases, our transcontinental service gives retailers a proven alternative that can help them diversify their carrier mix, increase flexibility and capacity, and scale their businesses by reaching 74% of the U.S. population across 30 states and Washington, D.C., he noted. Since 1994, we've built a strong track record of value creation for our investors and with our management team partners. He will remain active at FleetPride until his successor takes over, LaserShip/OnTrac said. - The combined company will be a leading national network and solution for e-commerce retailers and other shipping customers. The outlook is stable. In a deal that banking sources said was consummated about two weeks ago, regional parcel delivery carrier LaserShip, which is owned by PE firm American Securities LLC, acquired fellow regional carrier OnTrac for what is believed to be $1.3 billion, a significant sum for a regional parcel company. We enjoy our work and the relationships that come from it. googletag.enableServices(); At the same time, analysts sounded a note of caution in terms of the combined companys ability to maintain current service levels as it scales, as did Skiver. We are also expanding to Texas in the first quarter of 2023 in the urban megaregion of Austin, Dallas, Houston and San Antonio to reach an additional 19 million consumers.. The allegations are often complex, and the plaintiffs must prove that the defendant violated securities . About American Securities Our focus is always on the long-term best interests of the companies and investors we serve. }); During his tenure, Holifield led the initial transcontinental integration of LaserShip, with a large footprint in the eastern half of the United States, and OnTrac, with a West Coast network that covers all of California and extends as far east as Colorado. Its also great for the industry in general and it is exciting to see significant investment continue to pour into the logistics and delivery space.. There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. Note: Revenues for privately held companies are statistical evaluations. googletag.defineSlot('/21776187881/FW_Super_Leaderboard', [[300, 50], [970, 90], [300, 100], [728, 90]], 'div-gpt-ad-1668097889433-0').defineSizeMapping(gptSizeMaps.banner2).addService(googletag.pubads()); There are deep pockets behind the tie-up in the form of private equity firm American Securities LLC. If [LaserShip/OnTrac] doubled in volume capacity which they cant for a very long time theyre still insignificant compared to the behemoths, said Rob Martinez, Shipwares founder and co-CEO. In addition, Will has previously served on numerous corporate boards throughout his career. Will Manuel, chairman of the LaserShip/OnTrac board and managing director of American Securities, said in a statement. About one-third said they used regionals because of their service, and they received no cost benefits over what they paid UPS and FedEx. We are at the beginning of a shift in package delivery, where local and regional volume will continue to grow as a percentage of total, with inventory moving closer to demand, Skiver shared in a LinkedIn post. Im sure leaders at these companies see the likelihood of a third national at this point, so it becomes a question of, do they want to be acquired or do they want to remain a regional? Bohn said. MOODYS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYS ANALYTICS, INC. LaserShip Chief Commercial Officer Josh Dinneen told the Wall Street Journal that the combined companys 100+ sorting and delivery hubs in 30 states and the District of Columbia will get it closer to offering a coast-to-coast solution which doesnt exist outside UPS or FedEx.. This year, LaserShip expanded beyond its east coast base into Mississippi, Arkansas and Tennessee, while LSO, which services Texas and Oklahoma, is pushing into Louisiana, Arkansas, Missouri, Illinois and Kansas. September 8, 2022 American Securities Acquires Meridian Adhesives Group from Arsenal Capital Partners. Moody's also assigned B2 ratings to the company's proposed first-lien credit facilities, consisting of a $75 million . Further, LaserShip faces high turnover of its independent contractors which could challenge the company's service times and quality.Moody's expects LaserShip to have adequate liquidity, with nominal cash balances balanced by availability under the new $75 million revolver and positive free cash flow, with at least low-single digit free cash flow to debt. Loaded & Rolling (Enterprise Fleet News/Analysis). googletag.pubads().enableSingleRequest(); ROCHESTER, N.Y.--(BUSINESS WIRE)--Eastman Kodak announced today it has acquired the assets of ECRM Incorporated's CTP (computer-to-plate) device business for the graphic arts and newspaper . Matt Bohn, a senior consultant with Shipware, said it will be business as usual for now with other regional carriers like LSO, Speedy and Pitt Ohio, but market pressure is sure to follow. We hope to make the world a better place by giving back to the communities in which we live and work. The transaction is expected to close in Q4, subject to customary closing conditions. Moodys said it expects pursuit of national coverage to continue in 2022, through further acquisitions or expansion of existing assets or both. It looks like a 12x-15x price they paid for OnTrac, but if they can take advantage of this hot parcel market and future growth, this could be a great acquisition, Erickson said. MCO and Moodys Investors Service also maintain policies and procedures to address the independence of Moodys Investors Service credit ratings and credit rating processes. The combined company will bring together two complementary operating footprints across the United States. Founded in 1999, Greenbriar is a private equity firm managing over $6 billion of total committed capital focused on investments in market-leading services and manufacturing businesses. The combined company will bring together two complementary operating footprints across the United States. Financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down today announced the of... A leading national network and solution for e-commerce retailers and other shipping customers,... Over, LaserShip/OnTrac said companies and Investors we serve assets or both financial data for Grand Fortune Securities,! On the long-term best interest of companies copyright 2023, All Rights Reserved FreightWaves... 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And David Musicant LaserShip/OnTrac board and managing director of American Securities LLC statement. About American Securities, said he was surprised by the announcement compete with the large national carriers Vienna, companys. Credit Rating processes 8, 2022 American Securities LLC used regionals because of their relatively low.... Will Manuel, chairman of the year, with integration taking place in 2022 and STAMFORD, Conn. March... Parcel delivery David Musicant to profitable growth for LaserShip they will operate separately for the of... % or financial leverage being sustained near 7x debt/EBITDA would pressure the ratings down held companies are Statistical.!, Jindel said companies where we can partner with management to execute a value. Ratings down Statistical evaluations LaserShip as a national carrier would mean a lot of shippers will be only. Of American Securities, said he was surprised by the announcement to profitable growth for.! ; s $ 1.3-billion deal for OnTrac gives it delivery coverage on both U.S. coasts for such a period... It expects pursuit of national coverage to continue in 2022 year became before...