ArcBest Corporation is an American holding company for truckload and less-than-truckload (LTL) freight, freight brokerage, household good moving, and transportation management companies. Historically, the company also owned furniture, banking, and other diverse subsidiaries. The company ranked fifteenth among for-hire carriers in the US for 2020 according to industry journal Transport Topics.[1]
The company was formed in 1966 as Arkansas Best Corporation by Robert A. Young, owner of LTL carrier Arkansas-Best Freight System (now ABF Freight System),[2] to be that carrier's holding company as a way to facilitate diversification.[3] Young remained the company's chairman until his death in 1973.[4] In the 1960s, the company acquired Healzer Cartage Company, Delta Motor Line and others.[5]
Arkansas Best Corp. went public on the NYSE as "ABZ"[6] in 1972. At the time, in addition to Arkansas-Best Freight System, it also owned Riverside Furniture Corporation, the National Bank of Commerce of Dallas, Texas, Data-Tronic Corporation, and Arkansas Bandag Corporation.[2] In 1978, the company acquired Navajo Freight Lines. In 1988, the company was the subject of a hostile takeover which resulted in a leveraged buyout to take the company private. It went public again, this time on the Nasdaq, in 1992.[5]
ABF acquired financially troubled Worldway Corp. and its subsidiaries Carolina Freight Carriers Corp., G.I. Trucking Co., Red Arrow Freight Lines Inc., Cardinal Freight Carriers Inc., Innovative Logistics Inc., and CaroTrans International Inc. in 1995 for US$72.2 million.[7] G.I. Trucking was subsequently sold in 2001 into joint ownership of a group of G.I. senior management and LTL carrier Estes Express Lines and was fully acquired by Estes in 2005.[8] Further acquisitions by ABF in the 2010s included Albert Moving in 2011 and Panther Expedited for US$180 million in 2012.[9] In 2013, it created ABF Logistics.[5]
In 2014, Arkansas Best was renamed ArcBest Corporation.[10] This was followed in 2015 by the acquisition of Smart Lines Transportation Group and Bear Transportation Services and in 2016 by the acquisition of Logistics & Distribution Services. Also in 2016, the company reorganized rebanding many of its services under the name ArcBest.[5]
In 2021, ArcBest acquired MoLo Solutions, a truckload brokerage company based in Chicago. The deal was priced at US$235 million upfront and up to an additional US$215 million if MoLo hits certain revenue benchmarks by 2025. ArcBest intended to merge MoLo's operations and its existing brokerage operations onto a single platform.[11]
OperationsEdit
As of June 2021[update], ArcBest and its subsidiaries operated over 240 facilities in North America.[12] The company ranked fifteenth on Transport Topics Top 100 For-Hire carriers list for 2020 with over 4,000 company-owned tractors, over 22,000 trailers, and 83 straight trucks in its fleet.[1]
The company reports its revenue in two segments: asset-based (which consists of ABF Freight) and asset-light (all other operations).[13]
ABF Freight is a unionized[9] truckload and LTL freight company based in Fort Smith[14] and is ArcBest's largest subsidiary[15] representing about US$2 billion of ArcBest's approximately US$3 billion revenue in 2019.[16]
ABF LogisticsEdit
ABF Logistics provides brokerage and transportation management services.[17]
ABF Moving/U-Pack
U-Pack is a household goods moving brand of ABF created in 1997.[18] Since 2014, it has operated as a part of ABF Moving which itself is part of ABF Logistics.[17]
Panther Premium LogisticsEdit
Panther is a non-asset carrier based in Seville, Ohio, founded in 1992 which was acquired by ArcBest in 2012. At the time of acquisition, Panther Expedited Services was the second-largest US expedited carrier behind FedEx Custom Critical.[9] The company was renamed Panther Premium Logistics in 2014.[17]
Originally Data-Tronics Corp., the company was renamed ArcBest Technologies in 2014.[17]
MoLo SolutionsEdit
MoLo is a Chicago-based truckload freight brokerage company acquired by ArcBest in 2021.[11]
ReferencesEdit
^ ab"Top 100 | ArcBest". Transport Topics. December 31, 2020. Retrieved 27 October 2021.
^ ab"University To Honor Three At Spring Commencement". Northwest Arkansas Times. 9 May 1972. pp. 1–2. Retrieved 27 October 2021.
^"History of Arkansas Best Corporation – FundingUniverse". Funding Universe. Retrieved 27 October 2021.
^"Arkansas Civic, Firm Leader Dies". Waco Tribune-Herald. Fort Smith, Arkansas. UPI. 1 September 1973. p. 8A. Retrieved 27 October 2021.
^ abcdArcBest. "History". ArcBest. Retrieved 27 October 2021.
^Miller, Dan (26 February 1987). "Who is ABF?". The Sentinel. p. C4. Retrieved 27 October 2021.
^Johnson, Gregory S (July 10, 1995). "ABF TO PURCHASE WORLDWAY CORP. FOR $72.2 MILLION MOVE HELPS BUILD NATIONAL NETWORK OF REGIONAL FIRMS". Journal of Commerce. Retrieved 27 October 2021.
^"Estes Express acquires G.I. Trucking". Commercial Carrier Journal. 15 July 2005. Retrieved 10 February 2022.
^ abcCassidy, William B. (June 14, 2012). "Arkansas Best Buys Panther Expedited for $180 Million". Journal of Commerce. Retrieved 27 October 2021.
^Schulz, John D. (May 2, 2014). "Hello ArcBest, Goodbye Arkansas Best". www.logisticsmgmt.com. Retrieved 27 October 2021.
^ abMaiden, Todd (30 September 2021). "ArcBest sees billions of dollars in opportunities with MoLo acquisition". FreightWaves. Retrieved 27 October 2021.
^Bryan, Max (2 June 2021). "Old Walmart distribution center zoned for ArcBest expansion in Fort Smith". Northwest Arkansas Democrat Gazette. Retrieved 27 October 2021.
^Owens, Nathan (3 August 2021). "ArcBest profit rises to $61M". Arkansas Democrat Gazette. Retrieved 27 October 2021.
^"ArcBest Corp. Profile". MarketWatch. Retrieved 27 October 2021.
^"ArcBest announces ABF Freight leadership change". Talk Business & Politics. 11 January 2021. Retrieved 27 October 2021.
^Cassidy, William B. (February 3, 2020). "LTL Trucking: ArcBest balances LTL, TL freight to keep ABF rolling". Journal of Commerce. Retrieved 27 October 2021.
^ abcdeArkansas Best Corporation (April 30, 2014). "Arkansas Best Corporation to Become ArcBest Corporation(SM)". PRNewswire (Press release). Fort Smith, Arkansas. Retrieved 27 October 2021.
^"ABF Keeps On Trucking After 90 Years". Times Record. September 19, 2013. Retrieved 27 October 2021.
External linksEdit
Official website
August 29, 2023
arcbest, corporation, american, holding, company, truckload, less, than, truckload, freight, freight, brokerage, household, good, moving, transportation, management, companies, historically, company, also, owned, furniture, banking, other, diverse, subsidiarie. ArcBest Corporation is an American holding company for truckload and less than truckload LTL freight freight brokerage household good moving and transportation management companies Historically the company also owned furniture banking and other diverse subsidiaries The company ranked fifteenth among for hire carriers in the US for 2020 according to industry journal Transport Topics 1 ArcBest CorporationTypePublicTraded asNasdaq ARCBS amp P 600 ComponentIndustryTransportationFounded1966 57 years ago 1966 in Fort Smith ArkansasFounderRobert A YoungHeadquartersFort Smith Arkansas United StatesKey peopleJudy McReynolds chairperson president and CEO SubsidiariesABF Freight SystemPanther Premium LogisticsFleetNet AmericaU PackMoLo SolutionsWebsitearcb wbr com Contents 1 History 2 Operations 2 1 Subsidiaries 2 1 1 ABF Freight 2 1 2 ABF Logistics 2 1 3 Panther Premium Logistics 2 1 4 FleetNet America 2 1 5 ArcBest Technologies 2 1 6 MoLo Solutions 3 References 4 External linksHistory EditThe company was formed in 1966 as Arkansas Best Corporation by Robert A Young owner of LTL carrier Arkansas Best Freight System now ABF Freight System 2 to be that carrier s holding company as a way to facilitate diversification 3 Young remained the company s chairman until his death in 1973 4 In the 1960s the company acquired Healzer Cartage Company Delta Motor Line and others 5 Arkansas Best Corp went public on the NYSE as ABZ 6 in 1972 At the time in addition to Arkansas Best Freight System it also owned Riverside Furniture Corporation the National Bank of Commerce of Dallas Texas Data Tronic Corporation and Arkansas Bandag Corporation 2 In 1978 the company acquired Navajo Freight Lines In 1988 the company was the subject of a hostile takeover which resulted in a leveraged buyout to take the company private It went public again this time on the Nasdaq in 1992 5 ABF acquired financially troubled Worldway Corp and its subsidiaries Carolina Freight Carriers Corp G I Trucking Co Red Arrow Freight Lines Inc Cardinal Freight Carriers Inc Innovative Logistics Inc and CaroTrans International Inc in 1995 for US 72 2 million 7 G I Trucking was subsequently sold in 2001 into joint ownership of a group of G I senior management and LTL carrier Estes Express Lines and was fully acquired by Estes in 2005 8 Further acquisitions by ABF in the 2010s included Albert Moving in 2011 and Panther Expedited for US 180 million in 2012 9 In 2013 it created ABF Logistics 5 In 2014 Arkansas Best was renamed ArcBest Corporation 10 This was followed in 2015 by the acquisition of Smart Lines Transportation Group and Bear Transportation Services and in 2016 by the acquisition of Logistics amp Distribution Services Also in 2016 the company reorganized rebanding many of its services under the name ArcBest 5 In 2021 ArcBest acquired MoLo Solutions a truckload brokerage company based in Chicago The deal was priced at US 235 million upfront and up to an additional US 215 million if MoLo hits certain revenue benchmarks by 2025 ArcBest intended to merge MoLo s operations and its existing brokerage operations onto a single platform 11 Operations EditAs of June 2021 update ArcBest and its subsidiaries operated over 240 facilities in North America 12 The company ranked fifteenth on Transport Topics Top 100 For Hire carriers list for 2020 with over 4 000 company owned tractors over 22 000 trailers and 83 straight trucks in its fleet 1 The company reports its revenue in two segments asset based which consists of ABF Freight and asset light all other operations 13 Subsidiaries Edit ABF Freight Edit Main article ABF Freight System ABF Freight is a unionized 9 truckload and LTL freight company based in Fort Smith 14 and is ArcBest s largest subsidiary 15 representing about US 2 billion of ArcBest s approximately US 3 billion revenue in 2019 16 ABF Logistics Edit ABF Logistics provides brokerage and transportation management services 17 ABF Moving U PackU Pack is a household goods moving brand of ABF created in 1997 18 Since 2014 it has operated as a part of ABF Moving which itself is part of ABF Logistics 17 Panther Premium Logistics Edit Panther is a non asset carrier based in Seville Ohio founded in 1992 which was acquired by ArcBest in 2012 At the time of acquisition Panther Expedited Services was the second largest US expedited carrier behind FedEx Custom Critical 9 The company was renamed Panther Premium Logistics in 2014 17 FleetNet America Edit FleetNet America provides repair and maintenance services The company is based in Cherryville North Carolina 17 ArcBest Technologies Edit Originally Data Tronics Corp the company was renamed ArcBest Technologies in 2014 17 MoLo Solutions Edit MoLo is a Chicago based truckload freight brokerage company acquired by ArcBest in 2021 11 References Edit a b Top 100 ArcBest Transport Topics December 31 2020 Retrieved 27 October 2021 a b University To Honor Three At Spring Commencement Northwest Arkansas Times 9 May 1972 pp 1 2 Retrieved 27 October 2021 History of Arkansas Best Corporation FundingUniverse Funding Universe Retrieved 27 October 2021 Arkansas Civic Firm Leader Dies Waco Tribune Herald Fort Smith Arkansas UPI 1 September 1973 p 8A Retrieved 27 October 2021 a b c d ArcBest History ArcBest Retrieved 27 October 2021 Miller Dan 26 February 1987 Who is ABF The Sentinel p C4 Retrieved 27 October 2021 Johnson Gregory S July 10 1995 ABF TO PURCHASE WORLDWAY CORP FOR 72 2 MILLION MOVE HELPS BUILD NATIONAL NETWORK OF REGIONAL FIRMS Journal of Commerce Retrieved 27 October 2021 Estes Express acquires G I Trucking Commercial Carrier Journal 15 July 2005 Retrieved 10 February 2022 a b c Cassidy William B June 14 2012 Arkansas Best Buys Panther Expedited for 180 Million Journal of Commerce Retrieved 27 October 2021 Schulz John D May 2 2014 Hello ArcBest Goodbye Arkansas Best www logisticsmgmt com Retrieved 27 October 2021 a b Maiden Todd 30 September 2021 ArcBest sees billions of dollars in opportunities with MoLo acquisition FreightWaves Retrieved 27 October 2021 Bryan Max 2 June 2021 Old Walmart distribution center zoned for ArcBest expansion in Fort Smith Northwest Arkansas Democrat Gazette Retrieved 27 October 2021 Owens Nathan 3 August 2021 ArcBest profit rises to 61M Arkansas Democrat Gazette Retrieved 27 October 2021 ArcBest Corp Profile MarketWatch Retrieved 27 October 2021 ArcBest announces ABF Freight leadership change Talk Business amp Politics 11 January 2021 Retrieved 27 October 2021 Cassidy William B February 3 2020 LTL Trucking ArcBest balances LTL TL freight to keep ABF rolling Journal of Commerce Retrieved 27 October 2021 a b c d e Arkansas Best Corporation April 30 2014 Arkansas Best Corporation to Become ArcBest Corporation SM PRNewswire Press release Fort Smith Arkansas Retrieved 27 October 2021 ABF Keeps On Trucking After 90 Years Times Record September 19 2013 Retrieved 27 October 2021 External links EditOfficial website Retrieved from https en wikipedia org w index php title ArcBest amp oldid 1168370211, wikipedia, wiki, book, books, library,
