Knight, Swift merging to create Phoenix-based trucking giant

Chris Woodyard , USA TODAY 9:41 a.m. ET April 10, 2017


(Photo: Omar Ornelas/ The Desert Sun)


Two Phoenix-based freight companies plan to merge to create what they say will be the industry's largest full-load trucking company.

Knight Transportation and Swift Transportation said in a joint statement Monday that the combined company, Knight-Swift Transportation, will have $5 billion in annual revenue and 28,000 employees.

Knight-Swift will keep its headquarters in Phoenix and be one of the top five companies when it comes to moving dry goods, refrigerated goods and cross-border operations to Canada and Mexico.

Combined, drivers will be handling 23,000 tractors and 77,000 trailers.

Knight shares rose to more than $35, up about 15%, and Swift stock was trading around $24.85, up almost 24%, in morning trading after the merger was announced.

The companies emphasized that while competitors, they have had ties over the years.

“I cannot think of a better combination. The Knight and Moyes families grew up together, and the Knights helped me build Swift before starting their own company and making it an industry leader in growth and profitability," said Swift founder Jerry Moyes in a statement.

https://www.usatoday.com/story/money...ant/100278566/