ArcBest Corp. of Fort Smith on Thursday announced a 32 percent decline in third-quarter net income as revenue rose and executives announced a plan to restructure the company.
ArcBest CEO and Chairman Judy McReynolds also announced an organization change in which the asset-light divisions Panther Premium Logistics, ABF Logistics and ABF Moving will be combined under the ArcBest name, beginning in 2017. McReynolds said about 130 employees’ positions would be eliminated. “I recognize this is difficult but necessary,” McReynolds said.
ArcBest said the restructuring aims to “differentiate” the company’s asset-light divisions from a crowded logistics market — “more loudly trumpet the ArcBest brand,” McReynolds said. The company said it will save about $15 million annually because of the restructuring to combine sales, marketing,