2007 NEWS & PRESS RELEASES
CONTACT: Chip Overbey
Old Dominion Freight Line Signs Definitive Agreement To Purchase Assets Of Bullocks Express Transportation, Inc.Transaction to expand service center network and enhance coverage in the Southwest and Western Regions of the United States
December 10, 2007 Earl E. Congdon, Chairman of the Board of Old Dominion Freight Line, Inc. (NASDAQ NN: ODFL), announced today that ODFL would purchase selected assets of Bullocks Express Transportation, Inc, headquartered in Denver, CO. Bullocks Express Transportation produces approximately $17 million dollars in sales annually through its network of eight service centers in five states. The transaction includes the purchase of selected assets including all revenue equipment, certain office equipment, and all sales formation and records . Effective Friday, December 14, 2007, Old Dominion will combine Bullocks Express Transportation’s eight terminal operations and their entire route structure with Old Dominion’s network, increasing the ODFL network to 192 service centers. Through the acquisition, Old Dominion Freight Line will gain an additional service center in Farmington, NM. Mr. Congdon said, “Bullocks Express Transportation, Inc is a well-run company with a strong franchise in its five state market and they have built an excellent reputation for providing quality transportation service. The move is consistent with our growth and service strategy, and is also consistent in keeping with our focus of building a world-class multi-regional and inter-regional network.” “Old Dominion currently provides direct coverage to 47 states with 100% full state coverage to 38 states. With this acquisition, we will enhance our direct coverage in the states of NM, UT, CO, AZ and TX. We currently offer high quality regional and inter-regional service within and between the Northeast, Southeast, Midwest, Central States, Gulf States and Western areas of the United States. This transaction also enhances our current nationwide service offering. Old Dominion customers will receive improvements to an already comprehensive OD-Domestic product offering with the additional direct service offering.” “We plan to continue the quality intrastate and interstate service that Bullocks Express Transportation has provided its customers and we will be focused on continuously improving the service product. In addition, we are committed to providing our new customers “Best-in-Class” inter-regional service, as well as, our added value products that include time definite OD-Expedited Service, international service within our OD-Global division, and high-speed state of the art OD-Technology services.” Old Dominion Freight Line, Inc. is a multi-regional and inter-regional carrier with a growing national and global footprint. Domestically, OD provides inter-regional and regional less-than-truckload shipping of general commodities, consumer goods and capital goods to a diversified customer base. The company provides direct service to 47 states and the District of Columbia in the Southeast, Central States, Gulf States, Northeast, Midwest and Western regions of the country. Through its OD-Global division, OD offers LCL, FCL and Assembly & Distributions services to and from all of North America, Central America, South America and the Far East. Old Dominion also offers a complete range of expedited products and services through its OD-Expedited service product group.
|