Forward Air Corporation Expands Final Mile Footprint in First Quarter
April 12 2021 - 2:49PM
Business Wire
Forward Air Corporation (NASDAQ: FWRD) (the “Company” or
“Forward”) is executing a growth strategy that involves organic
infrastructure investments, such as its ongoing LTL network
expansion, as well as inorganic investments, including acquisitions
of complementary businesses. Today, Forward announced that 11 new
Final Mile terminal locations were added in the first quarter of
2021, with 8 of the new locations leveraging existing LTL terminal
infrastructure.
The cohabitation of Final Mile and LTL operations positions
Forward for organic growth on a national scale – while greatly
reducing the level of investment required for traditional Final
Mile expansion into new markets. This allows Forward to provide
faster end-to-end service, moving freight from manufacturers or
retailers directly to their customers’ doors. The Company’s organic
growth strategy has also led to the expansion of its LTL network
footprint by leveraging existing Final Mile facilities.
Tom Schmitt, Chairman, President and Chief Executive Officer
said, “This is an exciting time at Forward as our growth trajectory
continues across each of our businesses. Our Final Mile service
offering has been a key area of focus over the past two years as we
have expanded across the country. When we leverage existing
facilities within our network, we improve our speed-to-market with
lower initial investment. We are also realizing operational
efficiencies by integrating Final Mile customers within our
traditional LTL terminals.”
In the first quarter of 2021, Forward Final Mile added
operations in Denver, CO, Jacksonville, FL, Miami, FL, Orlando, FL,
Tampa, FL, Hiawatha, IA, Frederick, MD, Bozeman, MT, Charlotte, NC,
Memphis, TN and Nashville, TN.
About Forward Air Corporation
Forward Air Corporation (NASDAQ: FWRD) is a leading asset-light
freight and logistics company. We provide LTL, final mile,
truckload and intermodal drayage services across the United States
and in Canada. Headquartered in Greeneville, Tennessee, Forward
operates approximately 200 facilities across the country and
employs more than 5,200 people nationwide. We are more than a
transportation company. As a single resource for your shipping
needs, Forward is your supply chain partner. For more information,
visit our website at www.forwardaircorp.com.
This press release may contain statements that might be
considered as forward-looking statements or predictions of future
operations including with respect to the expected growth and future
expansion of the Company’s network and footprint and the expected
efficiencies and improvements in service resulting from
cross-utilizing Final Mile and LTL terminals. Such statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and are based on
management’s belief or interpretation of information currently
available. These statements and assumptions involve certain risks
and uncertainties including that the Company is not able to utilize
existing facilities to achieve planned synergies and expansion
within the Final Mile space. Actual events may also differ from
these expectations as a result of the risks identified from time to
time in our filings with the Securities and Exchange Commission.
You should consider the forward-looking statement contained herein
in light of such risks. We assume no duty to update these
statements as of any future date.
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version on businesswire.com: https://www.businesswire.com/news/home/20210412005886/en/
Justin Moss jmoss@forwardair.com 404-362-2472
Forward Air (NASDAQ:FWRD)
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