Business
Forward Air Announces Closing of Omni Logistics Transaction
Will Create a Category Leader in the Expedited LTL Market Will Deliver Significant Long-Term Value to Shareholders Through Compelling Strategic and Financial
About this update from Forward Air Corporation
[{"type":"text","content":"\nWill Create a Category Leader in the Expedited LTL Market\n\n\nWill Deliver Significant Long-Term Value to Shareholders Through Compelling Strategic and Financial Benefits\n\n\n GREENEVILLE, Tenn.--(BUSINESS WIRE)--\nForward Air Corporation (NASDAQ: FWRD) (“Forward” or “the Company”) today announced that it has completed its previously announced acquisition of Omni Logistics, LLC (“Omni”).\n\n\nTogether, Forward and Omni will create a category leader in the expedited LTL market, built on precision execution. With a differentiated service offering, industry-leading team and expanded geographic footprint, the combined company will offer high-value freight to its expedited LTL network. The combination of these complementary businesses uniquely positions Forward to accelerate its ‘Grow Forward’ strategy and deliver long-term value to shareholders, customers, employees and other stakeholders.\n\n\nHaving already engaged in significant integration planning work since the transaction was announced in August 2023, Forward Air is confident in its ability to deliver significant strategic and financial benefits from the transaction, including substantial revenue and cost synergies and operational efficiencies.\n\n\nTom Schmitt, Chairman and Chief Executive Officer of Forward, said, “This is an exciting day for Forward and we are pleased to welcome the Omni team to the Forward family. Together, we are now uniquely positioned to be the premier provider of choice in high-quality freight transportation to a larger customer base with an expanded domestic footprint.”\n\n\nSchmitt continued, “One of the defining characteristics of our corporate culture is that we do not wait around for good things to happen, we go out and make them happen. We are approaching this important next phase with a sense of urgency and are committed to delivering on a clear and measurable plan designed to meet the needs of our customers, create opportunities for our teammates, and generate long-term value for our shareholders.”\n\n\nForward will provide more details on its Grow Forward strategy, including targeted outcomes as well as additional information on its management structure and Board composition, when it conducts its Q4 and FY 2023 earnings conference call in February 2024.\n\n\nAbout Forward Air\n\n\nForward Air is a leading asset-light provider of transport...