Company:Knight-Swift

From HandWiki
Short description: American truckload transportation company
Knight-Swift Transportation Holdings Inc.
TypePublic
IndustryMotor transportation-trucking
FoundedKnight Transportation:
1990; 34 years ago (1990)

Swift Transportation:
1966; 58 years ago (1966)

Knight & Swift Merger:
September 8, 2017; 6 years ago (2017-09-08)
HeadquartersPhoenix, Arizona, U.S.
Key people
ProductsTruckload shipping
RevenueIncrease US$5.99 billion (2021)
Increase US$966 million (2021)
Increase US$744 million (2021)
Total assetsIncrease US$10.66 billion (2021)
Total equityIncrease US$6.54 billion (2021)
Number of employees
c. 28,000 (2023)
Subsidiaries
Abilene
Websiteknighttrans.com
Footnotes / references
[1]

Knight-Swift Transportation Holdings Inc. (referred to as Knight-Swift) is a publicly traded, United States motor carrier holding company based in Phoenix, Arizona. It is the fifth largest trucking company in the United States.[2] The company's primary subsidiaries are truckload carriers Knight Transportation, Swift Transportation, Midnite Express and, since July 2021, less than truckload (LTL) carrier AAA Cooper. In January 2022, the company expanded its LTL footprint with the acquisition of Midwest Motor Express. In July, 2023 Knight-Swift acquired truckload carrier US Xpress.

History

Knight Transportation was founded in 1990 by four cousins: brothers, Randy and Gary Knight and brothers Kevin and Keith Knight. The four cousins worked for Swift Transportation, also based in Phoenix, and Randy was even a part-owner in Swift when Jerry Moyes bought out his interest. The Moyes family and the Knight family both were raised in Plain City, Utah, before moving to Phoenix in the late 1960s.[3]

Knight began transporting general commodities from Phoenix, Arizona, to Los Angeles, California. Starting with just a handful of trucks and one service center in Phoenix, Arizona, the company now runs a fleet of over 4,000 trucks and more than 8,700 trailers (dry, refrigerated, and brokerage). Revenues have grown from over 13 million in 1991 to over $866 million in 2011, with operating ratios at or near 80% year after year. They have grown from a few associates to more than 4,000, and from a family-owned business to a publicly held company trading on the New York Stock Exchange (KNX) in 1994.[3]

Swift Transportation semi

In 2017, Knight Transportation merged with Swift Transportation[4] and Knight-Swift Transportation Holdings Inc. was formed to serve as the parent company for both carriers.

In 2019, Knight-Swift settled a $100 million class-action lawsuit alleging the company failed to classify 20,000 owner-operator drivers as employees. Drivers were not paid the minimum hourly wage in accordance with the Fair Labor Standards Act and had their rights violated under the forced labor statute. The lawsuit from March 11, 2009 is entitled Van Dusen, et al. v. Swift Transportation Co. of Arizona, LLC, et al..[5][6] The deadline for claimants to file was December 14, 2019.[7]

Knight-Swift expanded from its core truckload market into less than truckload (LTL) freight in July 2021 when it acquired southeastern regional LTL firm AAA Cooper Transportation for US$1.35 billion.[8]

Business

Knight engages in the transportation of general commodities in the United States.[9] It provides asset-based dry van truckload and temperature controlled truckload carrier services primarily to short to medium lengths of haul.[9] The company also offers non-asset-based brokerage services. As of 2022, the company operates 41 service centers (31 in the United States , 11 in Mexico), 5 secured yards in Canada , and Swift Truckload centers in housing dry vans, flatbed, refrigerated, and cross-border services.[9]

Knight-Swift is ranked 66th in pay for drivers among major trucking companies.[10] In 2022, Knight-Swift announced plans for using autonomous vehicles in its trucking lines, through a partnership with Embark Technology.[11][12]

References

  1. ↑ "US SEC: Form 10-K Knight-Swift Transportation Holdings Inc.". U.S. Securities and Exchange Commission. February 24, 2022. https://www.sec.gov/ix?doc=/Archives/edgar/data/1492691/000149269122000012/knx-20211231.htm. 
  2. ↑ "It's Official and Knight-Swift is the Largest Trucking Company in the US". 2018-09-27. https://www.truckingmonitor.com/top-100-trucking-companies/. 
  3. ↑ 3.0 3.1 Harris, Craig (30 October 2004). "Knight's Profits On a Roll – Valley-Based Trucking Firm Again Makes 'Forbes' List". Arizona Republic. 
  4. ↑ "Truckers Swift and Knight Combine in a Deal Valued Over $5B". 10 April 2017. http://www.foxbusiness.com/markets/2017/04/10/truckers-swift-and-knight-combine-in-deal-valued-over-5b.html. 
  5. ↑ Miller, Eric (March 18, 2019). "Knight-Swift Transportation Holdings Settles Owner-Operator Lawsuit for $100 Million". https://www.ttnews.com/articles/knight-swift-transportation-holdings-settles-owner-operator-lawsuit-100-million. 
  6. ↑ "Contractors Claim "Great Victory" In $100 Million Knight-Swift Settlement". Yahoo! Finance. March 15, 2019. https://finance.yahoo.com/news/contractors-claim-great-victory-100-204923043.html. 
  7. ↑ Getman, Sweeney & Dunn, PLLC. "FAQs – Van Dusen v. Swift Transportation". https://www.swiftmisclass.com/faqs/. "Case No. CV-10-899-PHX-JWS" 
  8. ↑ Maiden, Todd (July 14, 2021). "Knight-Swift deal shows the value in owning an LTL". FreightWaves. Truckload Indexes. https://www.freightwaves.com/news/knight-swift-deal-shows-the-value-in-owning-an-ltl. 
  9. ↑ 9.0 9.1 9.2 Staff, FreightWaves (2019-01-24). "Knight-Swift's precision and transparency on display amidst financial success" (in en-US). https://www.freightwaves.com/news/knight-swifts-precision-and-transparency-on-display-amidst-financial-success-2. 
  10. ↑ "Best Trucking Companies to Work For". 10 April 2015. https://www.truckdriverssalary.com/best-trucking-companies-to-work-for/. 
  11. ↑ Adler, Alan (2022-12-19). "Knight-Swift takes the wheel of Embark-equipped autonomous truck" (in en-US). https://www.freightwaves.com/news/knight-swift-takes-the-wheel-of-embark-equipped-autonomous-truck. 
  12. ↑ Bellon, Tina (2022-02-09). "Embark gives self-driving truck to carrier Knight-Swift in pilot program" (in en). Reuters. https://www.reuters.com/business/autos-transportation/official-embark-gives-self-driving-truck-carrier-knight-swift-pilot-program-2022-02-08/. 

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