View source for ArcBest

{{Short description|American transportation holding company}}
{{Infobox company
| name = ArcBest Corporation
| logo = ArcBest_Logo.png
| type = [[Public company|Public]]
| traded_as = {{ubl|{{NASDAQ|ARCB}}|[[List of S&P 600 companies|S&P 600 Component]]}}
| founded = {{start date and age|1966}} in [[Fort Smith, Arkansas]]
| founder = Robert A. Young
| hq_location_city = [[Fort Smith, Arkansas]]
| hq_location_country = United States
| industry = [[Transportation]]
| homepage = {{url|arcb.com}}
| subsid = {{ubl|[[ABF Freight System]]|Panther Premium Logistics|FleetNet America|U-Pack|MoLo Solutions}}
| key_people = Judy McReynolds ([[chairperson]], [[President (corporate title)|president]], and [[Chief executive officer|CEO]])
}}
'''ArcBest Corporation''' is an American holding company for [[truckload]] and [[less than truckload shipping|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.<ref name="Top 100">{{cite web |title=Top 100 {{!}} ArcBest |url=https://www.ttnews.com/top100/companies/arcbest/2021 |website=Transport Topics |access-date=27 October 2021 |language=en |date=December 31, 2020}}</ref>
== History ==
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]]),<ref name="Young Honored">{{cite news |title=University To Honor Three At Spring Commencement |url=https://www.newspapers.com/clip/87872705/ |access-date=27 October 2021 |work=Northwest Arkansas Times |date=9 May 1972 |pages=1–2}}</ref> to be that carrier's holding company as a way to facilitate diversification.<ref name="Funding History">{{cite web |title=History of Arkansas Best Corporation – FundingUniverse |url=http://www.fundinguniverse.com/company-histories/arkansas-best-corporation-history/ |website=Funding Universe |access-date=27 October 2021}}</ref> Young remained the company's chairman until his death in 1973.<ref>{{cite news |title=Arkansas Civic, Firm Leader Dies |url=https://www.newspapers.com/clip/87873571/ |access-date=27 October 2021 |work=Waco Tribune-Herald |agency=UPI |date=1 September 1973 |location=Fort Smith, Arkansas |page=8A}}</ref> In the 1960s, the company acquired Healzer Cartage Company, Delta Motor Line and others.<ref name="ArcBest History">{{cite web |author=ArcBest |title=History |url=https://arcb.com/about/discover-arcbest/history |website=ArcBest |access-date=27 October 2021}}</ref>
Arkansas Best Corp. went public on the [[NYSE]] as "ABZ"<ref>{{cite news |last1=Miller |first1=Dan |title=Who is ABF? |url=https://www.newspapers.com/clip/87875635/ |access-date=27 October 2021 |work=The Sentinel |date=26 February 1987 |page=C4}}</ref> 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.<ref name="Young Honored" /> 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.<ref name="ArcBest History" />
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}}.<ref name="Buys Worldway">{{cite news |last1=Johnson |first1=Gregory S |title=ABF TO PURCHASE WORLDWAY CORP. FOR $72.2 MILLION MOVE HELPS BUILD NATIONAL NETWORK OF REGIONAL FIRMS |url=https://www.joc.com/abf-purchase-worldway-corp-722-million-move-helps-build-national-network-regional-firms_19950710 |access-date=27 October 2021 |work=Journal of Commerce |date=July 10, 1995}}</ref> G.I. Trucking was subsequently sold in 2001 into joint ownership of a group of G.I. senior management and LTL carrier [[Estes Express Lines]] and was fully acquired by Estes in 2005.<ref>{{Cite web |date=15 July 2005 |title=Estes Express acquires G.I. Trucking |url=https://www.ccjdigital.com/business/article/14900768/estes-express-acquires-gi-trucking |access-date=10 February 2022 |website=Commercial Carrier Journal |language=en-us}}</ref> Further acquisitions by ABF in the 2010s included Albert Moving in 2011 and Panther Expedited for {{US$|180 million}} in 2012.<ref name="Buys Panther">{{cite news |last1=Cassidy |first1=William B. |title=Arkansas Best Buys Panther Expedited for $180 Million |url=https://www.joc.com/trucking-logistics/arkansas-best-buys-panther-expedited-180-million_20120614.html |access-date=27 October 2021 |work=Journal of Commerce |date=June 14, 2012}}</ref> In 2013, it created ABF Logistics.<ref name="ArcBest History" />
In 2014, Arkansas Best was renamed '''ArcBest Corporation'''.<ref>{{cite news |last1=Schulz |first1=John D. |title=Hello ArcBest, Goodbye Arkansas Best |url=https://www.logisticsmgmt.com/article/hello_arcbest_goodbye_arkansas_best |access-date=27 October 2021 |work=www.logisticsmgmt.com |date=May 2, 2014}}</ref> This was followed in 2015 by the acquisition of Smart Lines Transportation Group and Bear Transportation Services and in 2016 by the acquisition of Logistics & Distribution Services. Also in 2016, the company reorganized rebranding many of its services under the name ArcBest.<ref name="ArcBest History" />
In 2021, ArcBest acquired MoLo Solutions, a [[truckload]] brokerage company based in [[Chicago]]. The deal was priced at {{US$|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.<ref name="Buys MoLo">{{cite news |last1=Maiden |first1=Todd |title=ArcBest sees billions of dollars in opportunities with MoLo acquisition |url=https://www.freightwaves.com/news/arcbest-sees-billions-in-opportunities-from-molo-acquisition |access-date=27 October 2021 |work=FreightWaves |date=30 September 2021}}</ref>
== Operations ==
{{As of|June 2021}}, ArcBest and its subsidiaries operated over 240 facilities in North America.<ref>{{cite news |last1=Bryan |first1=Max |title=Old Walmart distribution center zoned for ArcBest expansion in Fort Smith |url=https://www.nwaonline.com/news/2021/jun/02/old-walmart-distribution-center-zoned-for-arcbest/ |access-date=27 October 2021 |work=Northwest Arkansas Democrat Gazette |date=2 June 2021 |language=en}}</ref> 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.<ref name="Top 100" />
The company reports its revenue in two segments: asset-based (which consists of ABF Freight) and asset-light (all other operations).<ref>{{cite news |last1=Owens |first1=Nathan |title=ArcBest profit rises to $61M |url=https://www.arkansasonline.com/news/2021/aug/03/arcbest-profit-rises-to-61m/?bcsubid=41bb68db-f758-4ecf-8402-192644ae72f3&pbdialog=reg-wall-login-created-ao |access-date=27 October 2021 |work=Arkansas Democrat Gazette |date=3 August 2021 |language=en}}</ref>
=== Subsidiaries ===
==== ABF Freight ====
{{main|ABF Freight System}}
ABF Freight is a [[unionized]]<ref name="Buys Panther" /> truckload and LTL freight company based in Fort Smith<ref>{{cite web |title=ArcBest Corp. Profile |url=https://www.marketwatch.com/investing/stock/arcb/company-profile |website=MarketWatch |access-date=27 October 2021 |language=en}}</ref> and is ArcBest's largest subsidiary<ref>{{cite news |title=ArcBest announces ABF Freight leadership change |url=https://talkbusiness.net/2021/01/arcbest-announces-abf-freight-leadership-change/ |access-date=27 October 2021 |work=Talk Business & Politics |date=11 January 2021}}</ref> representing about {{US$|2 billion}} of ArcBest's approximately {{US$|3 billion}} revenue in 2019.<ref>{{cite news |last1=Cassidy |first1=William B. |title=LTL Trucking: ArcBest balances LTL, TL freight to keep ABF rolling |url=https://www.joc.com/trucking-logistics/ltl-trucking-logistics/abf-freight-system/arcbest-balances-ltl-tl-freight-keep-abf-rolling_20200203.html |access-date=27 October 2021 |work=Journal of Commerce |date=February 3, 2020}}</ref>
==== ABF U-Pack ====
U-Pack is a household goods moving brand of ABF created in 1997.<ref name="ABF 90">{{cite news |title=ABF Keeps On Trucking After 90 Years |url=https://www.swtimes.com/article/20130919/news/309199752 |access-date=27 October 2021 |work=Times Record |date=September 19, 2013 |language=en}}</ref> Since 2014, it has operated as a part of ABF Moving which itself is part of ABF Logistics.<ref name="Renamed ArcBest" />
==== Panther Premium Logistics ====
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|FedEx Custom Critical]].<ref name="Buys Panther" /> The company was renamed Panther Premium Logistics in 2014.<ref name="Renamed ArcBest">{{cite press release |author1=Arkansas Best Corporation |title=Arkansas Best Corporation to Become ArcBest Corporation(SM) |url=https://www.prnewswire.com/news-releases/arkansas-best-corporation-to-become-arcbest-corporationsm-257396671.html |website=PRNewswire |access-date=27 October 2021 |location=Fort Smith, Arkansas |language=en |date=April 30, 2014}}</ref>
==== ArcBest Technologies ====
Originally Data-Tronics Corp., the company was renamed ArcBest Technologies in 2014.<ref name="Renamed ArcBest" />
==== MoLo Solutions ====
MoLo is a Chicago-based truckload freight brokerage company acquired by ArcBest in 2021.<ref name="Buys MoLo" />
== References ==
{{Reflist}}
== External links ==
* {{Official website|arcb.com}}
{{Trucking industry in the United States|state=collapsed}}
{{Movers}}
{{Authority control}}
[[Category:Moving companies of the United States]]
[[Category:Trucking companies of the United States]]
[[Category:1923 establishments in Arkansas]]
[[Category:Transportation companies based in Arkansas]]
[[Category:Fort Smith, Arkansas]]