Iddings Trucking Inc. in Marietta files for bankruptcy
Doesn’t plan to shut down; plans to hire new employees
MARIETTA — After a decline in business from 2014 until last summer, Iddings Trucking Inc., a 54-year-old Warren Township company, has filed for bankruptcy but doesn’t plan to shut down and plans to hire new employees.
Iddings Trucking Inc. was formed in May 1966 by Howard W. Iddings and George C. Loeber. Today, the company is owned and operated by President and Owner Nick Loeber and Owner Tom Hall.
The company experienced a downturn in business in 2014 with the slowdown of the oil and gas industry in eastern Ohio.
“This has been a phenomenal business over the years,” said Executive Director Brad Loeber. “We had a burst of business toward the end of 2013.”
According to Loeber, the company had a spike in business when the oil and gas industry was thriving. October through December of 2013 were the best months that the company had since beginning operation in 1963.
“We went from five or 10 drivers to clear over 100,” he said.
“Then beginning in 2014, the fracking industry plunged and we weren’t needed anymore.”
Loeber said the company served as transporters of cement and sand to the oil and gas well pads in the surrounding areas. They had even began ordering certain equipment to make Iddings Trucking Inc. work better for their oil and gas customers.
“We had one of our larger customers call and cancel business with us because we weren’t needed,” he said. “I’d say we laid off 100 truck drivers at the beginning of 2014.”
Twenty-seven truck drivers are still working with the company among the 32 employees.
Loeber also said that because they didn’t need the new equipment, they canceled the order but were still required to pay fees resulting in a payment plan for the last two years. With the lack of business, that put the company in a tough situation, he said.
“We had to file for bankruptcy to get our priorities in line,” he said. “We just need to really re-organize ourselves. It was like trying to catch a falling knife when that business declined.”
Iddings Trucking Inc. is still early in the process and Loeber said those at the company are evaluating their options.
“We have been approached by people in the industry looking to purchase the business and that may be an option in order to stay in business,” he said.
“Or we could get our core assets in line and make it out of this. It’s still yet to be determined and I don’t anticipate it taking years to complete but rather months.”
Iddings is looking to hire new truck drivers because more trucks and truck drivers ensures more revenue for the company. Loeber said they trimmed down some of the extra employees they had over a long period of time.
“We are in a good position to ease back into the success we once had,” said Loeber. “There’s a nice foundation to come out of this and we benefited by being in the community for so long.”
Many employees are optimistic there’s a light at the end of the tunnel.
“If we follow all the procedures, I believe we will pull out of this and maintain the company,” said Miranda Duty, finance manager. “We are all working really hard to keep operating and we are all working at a better pace than before.”
Danny Price has been a truck driver and mechanic with Iddings since 2000.
“I love working here and really enjoy the people,” he said. “I hope it’s OK and we’re OK.”
Head mechanic Dale Archer said he prays the company will recover from this situation.
“I’ve worked here 12 years and I like where I work,” he said. “I don’t like change and I anticipate, hope and pray business picks up and we’ll be all right.”