| 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.
|
