Swift Transportation

Infobox_Company
company_name = Swift Transportation
company_
company_type = Private
foundation = 1966
location = Phoenix, Arizona
key_people = Jerry Moyes
co-founder & CEO
num_employees = 21,900
industry = motor transportation-trucking
products = truckload shipping
homepage = [http://www.swifttrans.com/ www.swifttrans.com]

Swift Transportation is a Phoenix, Arizona based privately held American truckload motor shipping carrier, the largest in the United States.

About

Carl Moyes was truck driver hauling produce for C. R. England Trucking in the 1940s out of northern Utah.Demoss, Jeff. - "Four major trucking firms have roots in Plain City". - "Ogden Standard-Examiner". - January 30, 2005. - Retrieved: 2008-07-30] In the late 1950s Betty and Carl Moyes started a small trucking company in Plain City, Utah, B & C Truck Leasing, and after their son, Jerry, graduated from Weber State University in 1966, they moved the small company to Phoenix, Arizona. Carl, and his two sons, Ronald and Jerry (vice-president), formed the company, as Common Market, in Arizona, that would become Swift.

Operations began in 1966 transporting imported steel from the ports of Los Angeles, California to Phoenix, Arizona, and then returning with cotton from Arizona to be delivered to Southern California. [http://www.swifttrans.com/template.asp?PageOrder=2a About Swift: Company History] . - Swift Transportation]

The name Swift Transportation was purchased from a descendant of the Swift Meat Packing family, when the Moyes family bought the trucking assets of Swift & Company. The three Moyeses and a fourth partner, Randy Knight, grew the business to $25 million in annual revenues by 1984. Jerry became president, chairman, and CEO that same year, and when Carl passed away in 1985, Jerry bought out his other two partners, his brother Ronald and Randy Knight. Ronald would continue to hold shares in Swift while Randy would become a co-founder in Knight Transportation.Harris, Craig. - "Knight's Profits On a Roll - Valley-Based Trucking Firm Again Makes 'Forbes' List". - "Arizona Republic". - October 30, 2004. - Retrieved: 2008-07-30]

In April 1988 Swift purchased Greenville, South Carolina based Cooper Motor Lines from Philadelphia, Pennsylvania based ARA Services. [Entrepreneurship Founders: [http://marriottschool.byu.edu/advisoryboard/detail.cfm?mem=1104&group=3 Jerry C. Moyes] . - Marriott School of Management. - Brigham Young University. - Retrieved: 2008-07-30]

By 1990, Swift Transportation has grown to a $125 million carrier with over 800 trucks. The company did an initial public offering (IPO) in 1990 and became a publicly traded entity on the NASDAQ market system under the symbol SWFT.

In 1991, with money raised in the IPO, Swift bought Stephens City, Virginia basedArthur H. Fulton Inc. for $9 million dollars. Fulton was in Chapter 11 bankruptcy protection at the time. ["Trucking Company is Made an Offer". - Associated Press. - (c/o Richmond Times-Dispatch). - July 26, 1991. - Retrieved: 2008-07-30]

The company growth has continued since 1988 with the purchasing of (11) different motor carriers throughout the United States, including M.S. Carriers, of Memphis, Tennessee in 2000. The shareholders of M.S. Carriers obtained a 22% stake in the combined company. [ [http://findarticles.com/p/articles/mi_m0EIN/is_2000_Dec_11/ai_67925635 "Swift and M.S. Carriers Announce Merger"] . - Business Wire. - (c/o Find Articles). - December 11, 2000]

Moyes, was about to retire, but was forced out as chief executive officer (CEO) at Swift in October 2005 after an United States Securities and Exchange Commission (SEC) investigation into insider trading. Without admitting or denying wrongdoing he paid a $1.26 million settlement. The Moyes family still controlled about 39% of the issued public stock."Swift Transportation shareholders approve buyout". - "Deseret News". - April 30, 2007. - Retrieved: 2008-07-30] "Swift's Shareholders Vote Moyes - Longtime Transportation Firm Will Be Sold Back to Founder". - "Arizona Republic". - April 28, 2007. - Retrieved: 2008-07-30]

In November 2006 Moyes offered to buy Swift for $29 a share. But after assuming $332 million in outstanding debt and offering $2.4 billion ($31.55 per share) for all outstanding shares not controlled by the family, he closed the transaction on May 10, 2007."Sale officially concludes for Swift Transportation". - "Arizona Republic". - May 11, 2007] To finance the acquisition, Moyes formed Saint Acquisition Corporation, and issued $2.1 billion of a senior secured credit facility and $835 million in second-lien senior secured notes. The company's drivers and eighty-three percent of all outstanding shares (approximately half of those controlled by the family) supported the buyout.

Today, this company, with over 17,900 trucks, and 49,000 trailers, generates over $3.0 billion in revenue. [http://www.hoovers.com/swift-transportation/--ID__15252--/free-co-factsheet.xhtml Swift Transportation Co., Inc.] . - Hoover's]

Swift’s terminal network has grown to over forty full service facilities in both the continental United States and Mexico. Swift owns 100% of Trans-Mex, a Nuevo Laredo, Mexico, based carrier. Swift offers border crossing services at all major Mexican border crossings. Swift maintains a presence in every Canadian province.

Company trucks

References

External links

* [http://www.swifttrans.com/ Swift Transportation]
* [http://swift.drivers-central.com/ Swift Trucking Jobs]