Forward Air Announces Chicagoland Expansion with New Bolingbrook Terminal

Rhea-AI Summary

Forward Air Corporation (NASDAQ: FWRD) is enhancing its growth strategy through infrastructure investments and acquisitions, including the recent acquisition of Land Air Express, Inc. The company is set to expand its expedited less-than-truckload (LTL) service in the Chicagoland area with a new terminal in Bolingbrook, IL, which marks its third LTL location in Chicago. This facility aims to improve same-day delivery capabilities for approximately 4.4 million residents. CEO Tom Schmitt emphasized the company's commitment to customer needs, stating that speed and low damage rates differentiate Forward in the market.

Positive

• Expansion of LTL service through a new terminal in Bolingbrook, enhancing same-day delivery capabilities.
• Acquisition of Land Air Express, expected to boost the company's operational capacity.
• Strategic focus on infrastructure investments demonstrating growth potential.

Negative

• Risks associated with achieving anticipated benefits from the new Bolingbrook terminal.
• Uncertainties regarding operational synergies from recent acquisition.

GREENEVILLE, Tenn.--(BUSINESS WIRE)-- Forward Air Corporation (NASDAQ: FWRD) (the “Company” or “Forward”) is executing a growth strategy that involves organic infrastructure investments, including its ongoing less-than-truckload (LTL) network expansion, as well as inorganic investments, such as the recently-signed acquisition of Land Air Express, Inc. Today, Forward announced that it will expand its expedited LTL service offering in the Chicagoland area with a new terminal in Bolingbrook, IL, near Midway International Airport (MDW).

The new facility is Forward’s third LTL location in Chicago – an area in which the Company has experienced strong growth. In addition to bringing best-in-class transit times with the ability to hit tight time windows to the southwest side of Chicago, the Bolingbrook operation is expected to increase Forward’s same-day delivery capabilities throughout the Chicagoland area. From the Bolingbrook facility, approximately 4.4 million people can now enjoy same day or next day delivery services.

Tom Schmitt, Chairman, President, and Chief Executive Officer said, “We continue to make investments that help our customers win more business. Our Bolingbrook facility is another example of how we do it. The combination of speed and the lowest damage rates in the industry is a differentiator for companies looking to grow.”

About Forward Air Corporation

Forward Air is a leading asset-light provider of transportation services across the United States, Canada and Mexico. We provide expedited less-than-truckload services, including local pick-up and delivery, shipment consolidation/deconsolidation, warehousing, and customs brokerage by utilizing a comprehensive national network of terminals. In addition, we offer final mile services, including delivery of heavy-bulky freight, truckload brokerage services, including dedicated fleet services; and intermodal, first-and last-mile, high-value drayage services, both to and from seaports and railheads, dedicated contract and Container Freight Station warehouse and handling services. We are more than a transportation company. Forward is a single resource for your shipping needs. 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 Company is not able to achieve the anticipated benefits and operational synergies with the new Bolingbrook terminal. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230206005114/en/

Justin Moss - Forward Air

JMoss@forwardair.com

404.362.8933

Source: Forward Air Corporation

FAQ

What is Forward Air Corporation's growth strategy for 2023?

Forward Air is focusing on organic infrastructure investments and acquisitions, including expanding its LTL network.

Where is the new Forward Air terminal located?

The new terminal is located in Bolingbrook, IL, expanding services in the Chicagoland area.

How many people will benefit from the new Bolingbrook terminal's services?

Approximately 4.4 million people will have access to same-day or next-day delivery services.

What recent acquisition did Forward Air announce?

Forward Air announced the acquisition of Land Air Express, Inc.

What are the potential risks associated with Forward Air's growth?

There are risks related to achieving expected benefits and operational synergies from the new terminal and acquisition.