Old Dominion Freight Line
Old Dominion Freight Line, Inc. (NASDAQ: ODFL) is a $2.11 billion, less-than-truckload, union-free motor carrier providing regional, inter-regional and national LTL service and value-added logistics services. The company, founded in 1934 by Earl and Lillian Congdon, is headquartered in Thomasville, North Carolina and employs more than 14,500 people globally.
The company traces its origins to 1934 when Earl and Lillian Congdon founded the company with a single truck running between Richmond and Norfolk, Virginia.
After Earl Congdon died, Lillian Congdon assumed the presidency and was joined by sons Earl Jr. and Jack. In 1957, Old Dominion extended its operations to most major markets in North Carolina and southern Virginia. Five years later, the company relocated its headquarters to High Point, North Carolina, in 1962 and merged with Bottoms-Fiske trucking company.
Between 1969 and 1979, the company entered a period of expansion, acquiring a number of competing trucking lines. With the deregulation of the trucking industry in the 1980s, Old Dominion extended its service area into Florida, Tennessee and California and also started serving the major markets of Chicago and Dallas.
The company went public in 1991.
David Congdon, son of Earl Congdon Jr. and grandson of the company’s founders, was named president and COO in 1997. Today, he serves as the company’s president and CEO. Earl Congdon Jr. continues to serve with the company as executive chairman of the board.
In the mid-2000s, Old Dominion launched international offerings to Canada and China. Today, in addition to domestic less-than-truckload services, the company offers assembly and distribution services and LCL and FCL delivery services to and from all of North America, Central America, South America and the Far East.
The company has five primary product groups: OD-Domestic, OD-Expedited, OD-People, OD-Global and OD-Technology. The core business segment for Old Dominion is "LTL" or "Less than Truckload" carrier. Global offerings include full container load (FCL) and less-than-container load (LCL) service to the Caribbean, Europe, the Far East, Central America and South America. Old Dominion also offers household moving services, white glove services and trade show shipping as part of their expedited division to accommodate all logistical needs.
The company operates more than 5,800 tractors and more than 22,500 trailers.
Old Dominion is part of the SmartWay Transport Partnership, a collaboration between freight shippers, carriers, and logistics companies to voluntarily achieve improved fuel efficiency and reduced emissions from freight transport. These technologies include wide-based tires, reducing highway speeds, idle reduction, automatic tire inflation, improved freight logistics, improved aerodynamics and longer combination vehicles.