National Freight buys Core Carriers

| 9/6/2002

New Jersey-based National Freight Inc. has announced plans to purchase Jacksonville's Core Carriers Inc. The deal is expected to be finalized Sept. 30 as part of the deal Core Carriers will continue operating under its own name.

Core Carriers has 125 employees outside Jacksonville. The privately held company, founded in 1988, reported 2001 revenue of $46 million. NFI is one of the 50 largest and oldest trucking companies in the nation, said Thomas Albrecht, a trucking analyst for BB&T Capital Markets in Richmond, VA.

The Core Carriers deal illustrates a trucking trend that has been going on in recent years, Albrecht said. More than 9,000 small U.S. trucking companies have gone bankrupt since 2000, and others have been bought by larger companies.

Privately held NFI companies include NFI National Freight, NFI Interactive Logistics, NFI National Distribution Centers, NFI Contract Manufacturing and NFI Real Estate. Together, NFI operates 110 carrier support and warehousing facilities nationwide occupying more than 13 million square feet and employing more than 3,600.