Forward Air Corporation (NASDAQ: FWRD) (the “Company or “Forward”) is executing a growth strategy that involves organic infrastructure investments as well as acquisitions of complementary businesses. Today, Forward announces an organic investment to expand the capacity of its national hub in Columbus, Ohio (CMH) by approximately 30 percent.
Originally constructed in 1994, CMH serves as the central hub for Forward’s less-than-truckload (LTL) network, generating freight flow efficiencies that help enable the Company’s industry-leading transit times. However, Forward’s rapid growth in recent years has exceeded capacity at CMH, creating the need for additional investment. The Company recently purchased 11 acres adjacent to the terminal for $9.5 million that it will redevelop to achieve this capacity expansion.
With a total project investment of $30 – $40 million (including land) through late 2022, Forward’s redevelopment initiative will increase CMH by an additional 35 doors, expand its yard for improved driver parking and trailer storage and create a campus environment with a dedicated national support center for driver recruitment, training and support. Forward currently operates six facilities in the Columbus area, many of which will be centralized in the new CMH campus, including Forward’s growing Truckload Brokerage operations.
Chris Ruble, Chief Operating Officer, said, “Columbus is one of the fastest-growing cities in the United States and home to our largest terminal – as well as 550 Forward employees. With this investment, we are making a commitment to grow with Columbus.”
Forward’s CMH facilities serve as the base of operations for the Company’s LTL, truckload, safety and talent acquisition teams, among others.
Tom Schmitt, President, Chairman and CEO, said, “Forward has been serving the Columbus market for the past 30 years, and this investment allows us to increase our capacity, grow our team and deliver world class service as a fixture in the local economy and nationally for years to come. We are thrilled to expand our home in Columbus.”
Forward acts a supply chain partner and a single resource for customers’ shipping needs. Visit www.forwardaircorp.com for more information.
EDITOR’S NOTE
Forward Air Corporation (NASDAQ: FWRD) is a leading asset-light freight and logistics company. We provide LTL, final mile, truckload, intermodal drayage and pool distribution services across the United States and in Canada. Headquartered in Greeneville, Tennessee, Forward operates 93 terminals 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. 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 expansion of the Company’s national hub is delayed or never occurs and that the Company is not able to achieve the anticipated benefits of the increased capacity in its national hub. 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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