Earl E. Congdon, Chairman and Chief Executive Officer of Old Dominion Freight Line, Inc. announced that it would purchase selected assets of Priority Freight Lines, headquartered in Sumner, WA. Priority Freight Lines, produced revenue of approximately $17 million for the calendar year ending December 31, 2006 through its network of 8 service centers in four states. The transaction includes the purchase of accounts receivables, all revenue equipment, office equipment, all owned service centers, and information systems.
Effective Friday, April 27, 2007, Old Dominion will combine Priority’s eight terminal operations and their entire route structure with Old Dominion’s network of 184 service centers, increasing the ODFL network to 187 service centers. The three additional service centers for ODFL include Yakima WA, Pasco WA, and Medford OR.
Mr. Congdon said, ‘Priority Freight Lines is a well-run company with a strong franchise in its four state market and they have built an excellent reputation for providing quality transportation service. The move is consistent with our growth and service strategy, and is also in keeping with our focus of building a world-class multi-regional and inter-regional network.’
‘Old Dominion currently provides direct coverage to 47 states with 100% full state coverage to 37 states. With this acquisition, we will increase our 100% full state coverage offering to 38 states with the addition of the state of Washington and we will enhance our direct coverage in the state of Oregon. We currently offer high quality regional and inter-regional service within and between the Northeast, Southeast, Midwest, South Central and Western areas of the United States. This transaction enhances our current service offering in the Northwest Region as well as the entire Western States Region of the US. It continues to improve our inter-regional capabilities and our nationwide service offering. Old Dominion customers will receive improvements to an already comprehensive OD-Domestic product offering with the additional direct service offering.’
‘We plan to continue the quality intrastate and interstate service that Priority Freight Lines has provided its customers and will be focused on continuously improving the service product. In addition, we are committed to providing our new customers ‘Best-in-Class’ inter-regional service, as well as, our added value products that include time definite OD-Expedited Service, international service within our OD-Global division, and high-speed state of the art OD-Technology services.’
Old Dominion Freight Line, Inc. is a multi-regional and inter-regional carrier with a growing national and global footprint. Domestically, OD provides inter-regional and regional less-than-truckload shipping of general commodities, consumer goods, and capital goods to a diversified customer base. Upon completion of the acquisition, the company will provide direct service to 47 states & the District of Columbia in the Southeast, South Central, Central, Northeast, Midwest Northwest and Western regions of the country. Globally via its OD-Global division, OD offers LCL, FCL and Assembly & Distributions services to and from all of North America, Central America, South America, and the Far East.