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Carolina Freight Timeline

 

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1932 Grier Beam purchases his first truck - a 1931 Chevrolet - on credit and secures his first for-hire transportation contract: hauling coal for the Lincoln County School System.
1937 Beam Trucking Company reorganized into Carolina Freight Carriers Corporation.
1938 Grier's brother, Dewey, becomes investor partner in Carolina Freight Carriers.

Small tract of real estate purchased on N.C. Highway 150 East which would be expanded over next six decades into the major operation of Carolina Freight Carriers.

1940 Interstate Commerce Commission rules rights of Manuey Transfer - acquired by Mr. Beam for Carolina Freight - to serve New England states were dormant and could not be used. Case appealed by Mr. Beam to United States Supreme Court and won by R. Gregg Cherry, Gastonia lawyer who represented the company and later became Governor of North Carolina.
1949 John L. "Buck" Fraley joins the Company.
1956 Club Carolina - new employee-owned recreation facility opens.
1958 Company newspaper, The Caroline, begins publication.
1962 Grier and Dewey Beam sell company stock to employees.
1963 First offering of Company stock to general public followed by similar offering in 1964. New terminal facilities opened Brooklyn, N. Y. and East Windsor, Connecticut.
1964

Palmer E. Huffstetler joins the Company.

For the 9th time in 12 years, Company won "Best in the Nation" in the loss and damage prevention field. Award from American Trucking Association.

1966 Kenneth E. Mayhew, Jr. joins the Company.

Operating rights to serve Chicago and Cincinnati and other Midwestern points acquired from Wilson Motor Transit.

1966 Management Training Program established consisting of six months broad training and six months specialized training.

1967 $5,000,000 Convertible Debentures sold in public offering.
1968 Dewey Beam agrees to sell all of his common stock to his brother Grier.
1969 Dewey Beam retires as Secretary-Treasurer. Kenneth E. Mayhew, Jr. elected to be Treasurer. Palmer E. Huffstetler elected Secretary. Revenue exceeded $50,000,000 for first time.

Began service into Buffalo, N. Y. area often agreeing to purchase operating rights of Western N. Y. State Lines.

Dr. Joe Frye, Professor of Transportation at the University of Tennessee, became the first non-employee of company to be elected to its Board of Directors.

1970 Record revenue and earnings achieved.

Two-for-one split of Common Stock

1971 Common Stock listed for trading on New York Stock Exchange Beam operating Arthur Ovens Motor Freight which expanded operating rights in Pennsylvania and New York
1972 Operating rights in Syracuse, N. Y. area acquired through purchase of Houg's Express.

Agreement to purchase Leonard Express for $2 million. Leonard's revenue $15 million and had 600 employees. Largest acquisition until 1983 when G. I. Trucking purchased.

1973 Major change of operations opening driver domiciles outside Cherryville for first time in Company history. First major change of operations in history of Carolina. New break bulk facility opened in Rocky Mount, North Carolina with relay stations in Darlington, South Carolina and Jacksonville and Orlando, Florida.
1974 Largest acquisition in Company's history to that time consummated. Leonard's Express of Greenburg, Pennsylvania allowed service between mid western and north eastern states.

On-line teleprocessing system became operational in April allowing the Company to more closely tract its equipment, trace customer shipments, and provide more complete freight bill information from origin to destination.

1975 First operating loss in Company's history recorded.

Revenue exceeded $100,000,000 and a loss was incurred, both for the first time in Company's history.

1976 Company redirect its marketing emphasis to growth of less-than-truckload freight under direction of James R. Eaton.
K. G. Younger, Jr. joins the Company. 
1977 Motor Carrier Insurance, LTD. founded in Bermuda in order to utilize an off-shore captive insurance company to
reduce insurance costs.
1978 Most of two-men sleeper operations converted to single drive relays, so that 90% of linehaul miles drive by single driver operations.
1980 Motor Carrier Act of 1980 enacted by U. S. Congress which within a few years led to greater ease of entry into freight transportation by motor carrier and, more importantly, greater pricing freedom by truckers. Opened operations into Alabama by opening seven new terminals in that state bringing total terminals to 101.

1982

Company celebrates its 50th Anniversary. C. Grier Beam Truck Museum established and opened with support of Company, its employees and friends. Service to California and Texas began with Trail (truck rail) service which had an immediate favorable impact on earnings of Company. Service to Europe commenced as Carolina opened its operations as an NVOCC (non-vessel operating common carrier.) Company restructured into holding company with Carolina Freight Carriers and Cardinal becoming subsidiaries of Carolina Freight Corporation. Public offering of 440,000 shares of Common Stock.
1983 Acquisition of G. I. Trucking solidifies Company's west coast operations. Largest acquisition in company's history.

Carolina acquires G. I. Trucking Company based in LaMarida, California thereby serving its competitive position in the transcontinental freight market.

1984 Carolina acquires Red Arrow Freight Lines and solidifies its service in the important Texas market as well as other southwestern states. Red Arrow Freight Lines of Dallas, Texas acquisition completed securing protection of market expansion into southwestern states.
1985 Public offering of 955,550 shares of Common Stock completed raising $207 million for corporate purposes. Record revenue and earnings achieved.
1986 Public offering of $50 million of Convertible Debentures completed. Record earnings of $16.6 million achieved.
1987 Employment at all subsidiaries of the Company exceeds 10,000. Creative use of computer technology expanded to include SNAP SHIPPINGWARE which allows customers greater access to Company's mainframe.
1990 Carolina Freight Carriers implements major restructuring of its linehaul and consolidation terminal operations by adopting "hub and spoke" method of moving freight through its system. Capital expenditures were $46.8 million which included $27.3 million for equipment and $13.1 million for terminal construction.
1993 Larry R. Scott joins the Company.
1994 Emphasis on independent growth of each subsidiary. CaroTrans International created as separate company to pursue international growth. Complete Logistics, Innovative Logistics, Cardinal, and G. I. and Red Arrow chart course for accelerated expansion.
1995

Carolina Freight Corporation corporate offices relocated from Cherryville to Charlotte and name changed to WorldWay Corporation.