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You are hereHome › Newsroom › ArcBest Corporation announces land purchase agreement for new corporate facility
ArcBest Corporation announces land purchase agreement for new corporate facility
Friday, May 30, 2014 · 12:00 am
FORT SMITH, Arkansas (May 30, 2014) – ArcBest Corporation (Nasdaq: ARCB) today announced that it is under contract to purchase 40 acres of land at Chaffee Crossing, Fort Smith, Ark., for construction of a new corporate headquarters facility as the company continues plans for significant growth at all of its operating subsidiaries.
ArcBest, a holistic provider of transportation and logistics solutions, has exceeded the capacity at its current Fort Smith general office on Old Greenwood Road and has been leasing supplemental office space at a separate location since early 2012. The company has since outgrown the capacity at that location, which currently houses the ABF Logistics℠ subsidiary personnel, as well.
ArcBest has previously announced its goal to grow total corporate revenue to $3 billion by the end of 2015, with $1 billion coming from its emerging businesses. In 2013, revenue grew 11 percent to $2.3 billion.
“As one of the area’s largest corporate employers with a bright future and growth plans ahead of us, we are excited to announce construction of this new facility in Fort Smith,” said ArcBest President and CEO Judy R. McReynolds. “With plans for growth at all of our operating companies, including ABF Freight℠, ABF Logistics℠, Panther Premium Logistics℠ and FleetNet America®, it is important that we develop additional space to accommodate these expanding businesses. Our decision to build a new facility in Fort Smith for the ArcBest and ABF Logistics companies underscores our long commitment to this area, and we are grateful for the commitment from the city and the state to help us meet our needs.”
Future plans include relocating ArcBest corporate and administrative functions and ABF Logistics personnel to the newly constructed office building which is anticipated to be smaller than the existing 195,000-square-foot corporate center facility on Old Greenwood Road.
ABF Freight System Inc., the company’s flagship subsidiary, is expected to remain located at the larger existing facility, along with ArcBest Technologies, the company’s IT solutions group. This will allow for minimal disruption to operations at these organizations when construction work gets underway at the Chaffee Crossing location. In addition, the eventual relocation of ArcBest and ABF Logistics employees creates room for growth and expansion at ABF Freight and ArcBest Technologies at the existing facility.
That anticipated growth, combined with space enabled by the new facility, supports the creation of 975 new jobs in Fort Smith through 2021.
“This announcement underscores that Fort Smith is a great American city from which to run a business with solutions that span the globe,” said Grant Tennille, executive director of the Arkansas Economic Development Commission. “We thank ArcBest for expanding their Fort Smith headquarters, which will benefit the region for years to come, and for making a vote of confidence in the strength of Sebastian County’s workforce through this action.”
Fort Smith Mayor Sandy Sanders said the new facility marked another important note in the long history for ArcBest in Fort Smith.
“For 90 years ArcBest has been an outstanding Fort Smith company, providing substantial employment opportunities for people in this area, and throughout the nation,” said Mayor Sanders. “This announcement is not only great news for the company, but for Fort Smith and the many people who will gain jobs as a result of this continued growth.”
Officials from the Chamber of Commerce also applauded the announcement.
“The ArcBest announcement today is a testament to Fort Smith’s diverse economy,” said Tim Allen, CEO and President of the Fort Smith Regional Chamber of Commerce. “ArcBest is expanding in Fort Smith because they are committed to the River Valley, as they have been for more than 90 years. They know first-hand that quality of place, affordability and the tremendous asset we have in University of Arkansas – Fort Smith make Fort Smith a place worth investing in. ArcBest is a long-standing pillar of this community. It is refreshing to know that they have been a significant part of Fort Smith’s history and will continue to be part of our future."
ArcBest Corporationsm (Nasdaq: ARCB) solves complex logistics and transportation challenges. Our companies and brands – ABF Freightsm, ABF Logisticssm, Panther Premium Logisticssm, FleetNet America, U-Pack and ArcBest Technologies – apply the skill and the will with every shipment and supply chain solution, household move or vehicle repair. ArcBest finds a way.