J.B. HUNT TRANSPORT SERVICES, INC. WERNER ENTERPRISES, INC.
615 J.B. Hunt Corporate Drive 14507 Frontier Road
Lowell, AR 72745 P. O. Box 45308
Omaha, Nebraska 68145
FOR IMMEDIATE RELEASE
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Contact for J.B. Hunt: Contact for Werner Enterprises:
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Kirk Thompson Robert E. Synowicki, Jr.
President and Chief Executive Officer Executive Vice President and
(479) 820-8110 Chief Information Officer
(402) 894-3000
J.B. HUNT TRANSPORT SERVICES AND WERNER ENTERPRISES
ANNOUNCE JOINT AGREEMENT TO SELL A PORTION
OF WERNER'S OWNERSHIP INTEREST IN
TRANSPLACE TO J.B. HUNT
Omaha, Nebraska, November 15, 2002:
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J.B. Hunt Transport Services, Inc. (Nasdaq: JBHT) and Werner
Enterprises, Inc. (Nasdaq: WERN), two of the nation's largest truckload
transportation companies, today announced that they have reached an
agreement in principle to sell a portion of Werner Enterprises' (Werner)
ownership interest in Transplace, Inc. to J.B. Hunt Transport Services,
Inc. (J.B. Hunt). Prior to the agreement, Werner held a 15.28% equity
interest in Transplace. With this agreement, Werner is selling a 10.28%
equity interest in Transplace to J.B. Hunt for an undisclosed amount.
Werner will remain a 5% owner of Transplace after the sale is completed.
The transaction will be effective December 31, 2002. Werner estimates
that this transaction will not have a material impact on its results of
operations for fourth quarter 2002.
Kirk Thompson, President and Chief Executive Officer of J.B. Hunt
stated, "Throughout the establishment and operation of Transplace as a
consortium of carriers, Werner has been a valuable member of the
founding group. We consider it a real advantage and privilege to retain
Werner as a 5% owner in Transplace, and we expect to continue to work
together where appropriate in the logistics arena."
"We are pleased to reach this agreement with one of our business
partners in Transplace, J.B. Hunt Transport Services," said Werner
Chairman and Chief Executive Officer, Clarence (C.L.) Werner. "Because
of the evolving needs of our customers, the non-compete clause in our
original subscription agreement became too restrictive relating to non-
asset based transportation services. With this agreement, Werner is
restructuring its approach to managing logistics business opportunities,
while at the same time retaining an ownership position in Transplace, a
company with excellent potential."
Werner has agreed to relinquish its seat on the Board of Directors
of Transplace, which will be transferred to J.B. Hunt. Transplace has
agreed to release Werner from any restrictions on competition within the
transportation logistics marketplace.
Transplace
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Transplace is a leading provider of transportation logistics
services formed by Covenant Transport, Inc.; J.B. Hunt Transport
Services, Inc.; Swift Transportation Co., Inc.; U.S. Xpress Enterprises,
Inc.; and Werner Enterprises, Inc. on June 30, 2000.
J.B. Hunt Transport Services, Inc.
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J.B. Hunt Transport Services, Inc. is one of the largest
transportation logistics companies in North America with annual revenues
of more than $2 billion. The Company operates more than 11,000 trucks
and approximately 44,000 trailers and containers. J.B. Hunt creates
supply chain value through a variety of engineered, optimal solutions
that include truckload and intermodal transportation services, dedicated
fleet management, e-business, logistics management and professional
services. J.B. Hunt's common stock is traded on The Nasdaq Stock Market
under the symbol JBHT and is a component of the Dow Jones Transportation
Average. For more information about the company, visit www.jbhunt.com.
Werner Enterprises, Inc.
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Werner Enterprises is a full-service transportation company
providing truckload services throughout the 48 states, portions of
Canada and Mexico. C.L. Werner founded the Company in 1956. Werner is
one of the nation's largest truckload carriers with a fleet of 7,950
trucks and 20,200 trailers. Werner Enterprises' common stock is traded
on The Nasdaq Stock Market under the symbol WERN. For more information
about the company, visit www.werner.com.
Note: This press release contains forward-looking statements,
which are based on information currently available. Actual results
could differ materially from those anticipated as a result of a number
of factors, including, but not limited to, those discussed in Item 7 of
the Companies' Annual Reports on Form 10-K for the year ended
December 31, 2001. The Companies assume no obligation to update any
forward-looking statement to the extent they become aware that it will
not be achieved for any reason.