David Congdon, CEO of Old Dominion Freight Line (ODFL), says the company’s strategy for deployment of investment capital has remained consistent for the last 10 to 15 years. He says LTL transportation is a capital-intensive business, and his team is focused on building the highest service value in the industry.
“Equipment is obviously the largest expenditure because of our consistent replacement cycle plus the equipment that we’ve bought to handle the growth that we’re experiencing,” Congdon says.
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Old Dominion’s second-highest expenditure is on real estate. Congdon says the company has spent over $900 million on service centers in the last eight years to stay ahead of growth and have capacity for future growth.
“And the third major area for us has been information technology,” he says. “But we expect this general capital-spending trend for our company to continue as we move forward and as we continue to win market share.”
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