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Swift Leasing Co LLC history
Swift Leasing Co LLC company history timeline
Swift Transportation began operations on October 10th, 1966 by providing transportation for imported steel through the ports of Los Angeles to Arizona and for the exportation of Arizona cotton back through to Southern California.
IN 1966 Jerry Moyes founded Swift Transportation with his father and one truck, moving imported steel through Los Angeles to Arizona and then Arizona cotton back to California.
1969: Trucking operations of meat packing firm Swift are acquired.
Beginning in 1980, deregulation of the trucking industry helped smaller regional operators like Swift better compete in the marketplace, and the company began to see new opportunities for growth.
Swift preferred to train its own drivers from scratch rather than hire seasoned ones, and the company had founded its own driving school in 1987 for this purpose.
Since 1988, Swift has acquired 13 additional motor carriers.
He still owns about half of Swift's stock--it went public in 1990--but has pledged 64% of his stake as collateral for personal loans.
In the fall of 1992 Swift issued 1.5 million more shares of stock, 750,000 of which came from Jerry Moyes.
The year 1994 saw Swift add two more trucking firms to its stable.
1996: The dry freight division of Navajo Shippers, Inc. is bought.
Also during 1997, Jerry Moyes and his brother Ronald provided financing for the management-led buyout of Central Freight Lines, a deal that did not involve Swift itself.
In the summer of 1997 the United States Equal Employment Opportunity Commission (EEOC) filed suit against Swift on behalf of a number of women who it claimed had been discriminated against by the company in its training programs.
In 1998 new $7 million terminals were announced for Atlanta and Salt Lake City, the latter of which would replace a smaller facility.
After a three-year abstention from acquisitions, 2000 saw Swift purchase 49 percent of a Mexican carrier, Trans-Mex, Inc.
In late 2000 Swift announced plans to merge with M.S. Carriers, Inc. of Memphis.
2001: A merger with M.S. Carriers, Inc. makes Swift the largest publicly owned trucking firm in the United States.
He stepped down as Swift CEO in 2005 after an insider-trading case in which he admitted to no wrongdoing but paid $1.5 million to settle with the SEC. A year later a lawsuit, ultimately dismissed, sought to make him repay $110 million he borrowed from a trust set up for his children.
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