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August 24, 1995| Times Staff and Wire Reports

Roadway Services to Spin Off Trucking Unit: The Akron, Ohio-based company said it is spinning off its Roadway Express trucking unit into a separate, publicly traded company. Roadway Services will emerge as a $3-billion-a-year package-handling, logistics and regional carrier company. Roadway Express will generate about $2 billion a year in revenue in long-haul shipping. The spinoff is subject to shareholder approval and Internal Revenue Service review to assure its tax-free status. Under the plan, stock in Roadway Express will be distributed directly to Roadway Services shareholders. Roadway Services lost $2 million in the second quarter, compared to its $21-million second-quarter 1994 loss during a 24-day Teamsters strike.

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