Crouse Parent Creates New Unit

LENEXA, Kan. — TransFinancial Holdings, the parent of Crouse Cartage Co., formed a new subsidiary, TFH Logistics and Transportation Services, to oversee all its transportation operations.

Crouse, a regional less-than-truckload carrier based in Carroll, Iowa, will be part of the new unit, along with logistics and warehousing businesses.

David Taggart, who is an executive vice president of the parent firm as well as chairman and chief executive officer of Crouse, will take on added responsibility as president and chief operating officer of TFH Logistics and Transportation Services.

A management and financial team headed by Mr. Taggart has moved from Iowa to TransFinancial’s headquarters here.

John R. Mulvey, who was promoted from executive vice president to president and chief operating officer of Crouse earlier this year, will remain in Iowa. Mr. Mulvey joined the carrier in 1997 as a regional manager.

TransFinancial also restructured its insurance premium finance subsidiary, Universal Premium Acceptance Corp. Kurt Huffman, an executive vice president of TransFinancial, is now president and chief executive officer of UPAC.

The management changes will allow TransFinancial President Tim O’Neil to focus his attention on strategies for enhancing shareholder value and improving operating performance of the subsidiaries, the company said.

TransFinancial’s third business is Presis, a start-up that is developing dry particle reduction technology for use in manufacturing pigments, pharmaceuticals and chemicals.

The reorganization followed TransFinancial’s recent purchase of Crouse’s stock from the Crouse family and a dissident shareholder to end a hostile takeover attempt (TT, 8-24-98, p. 4).