LTL carrier Old Dominion Freight Line (ODFL) is uniting several of its existing logistics businesses into a new division called Vault Logistics, which the company said will be a “neutral third-party provider” of supply chain solutions.
Vault will be an independent operating division based out of ODFL’s headquarters in Thomasville, NC, offering warehousing, business solutions, dedicated services (fleet and warehouse) plus truckload brokerage services on a national basis.
ODFL also named Michael Venegoni, a 33-year veteran of the transportation and logistics industry, as Vault’s president.
“Customers are asking for a broader range of solutions and innovations across increasingly complex and dynamic supply chains [to] drive efficiencies and contribute significantly to their bottom lines to grow their business,” said David Congdon, president & CEO of Old Dominion, in a statement. “Vault is a significant investment in our future and expansion of our capabilities to help our customers thrive in this new economy.”
“Too often, 3PLs act more like a vendor for their customers rather than a committed long-term partner, causing the relationship to fail,” added Venegoni. “We take a different approach by listening to companies’ needs and acting as a partner who can provide the innovative and customized solutions. While our customers know what’s best for their businesses, we know how to offer the best logistical solutions – and together we can help their businesses grow.”