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Louis Saia III recently lost out on his second bid to take over the $118 million trucking firm his family founded 69 years ago, but the entrepreneur isn't letting that deter his plans to become a major player in the transportation industry.
Saia, who had to step down as president of Houma-based Saia Motor Freight Line Inc. when the firm's corporate parent was sold to a competitor two months ago, is now plowing his energy into two other firms: Luciano Refrigerated Transport, a trucking firm which saw its revenues jump from $7 million in 1991 to $20 million in 1992, and The Pallet Reefer Co., a manufacturer he founded with joint-venture partner Grumman Corp. in 1992.
"It was a tough loss, considering the fact that I spent the last 23 years of my life working for Saia, but I think my prospects are pretty good," says the trucking executive, whose old job is now held by his father, Louis Saia Jr.
The elder Saia, meanwhile, says he's looking forward to doing business under a stronger corporate umbrella. Until Feb. 19, when Saia Motor Freight was acquired by industry giant Yellow Freight System Inc., most of its profits were used to prop up its ailing parent, Preston Corp. of Maryland.
Now, says Louis Saia Jr., the operation can...