Warren Buffet Buying Nearby Truck Stops
A well-known investor is going to buy a major stake in Pilot Flying J truck stops and will become a majority owner within about five years. Warren Buffet's company, Berkshire Hathaway, says it will buy 38 percent of the company, and that stake will rise to 80 percent in 2023.
Pilot Flying J owns 750 truck stops in 44 states and Canada, including Davenport, Walcott, and Atalissa in Iowa, and Woodhull and Princeton in Illinois.
Pilot Flying J, which is run by Cleveland Browns owner Jimmy Haslam, has been under scrutiny in recent years because of a diesel fuel rebate scam that led to criminal charges against several executives. The company paid an $85 million settlement with some of the defrauded customers as well as a $92 million penalty to the government.