Less-than-truckload (LTL) carrier Old Dominion Freight Line Inc. announced late Monday it is launching a third-party logistics (3PL) unit to respond to customer demands for increasingly complex supply chain solutions.
The unit, Vault Logistics, will operate as an independent division within Old Dominion and also as a neutral third-party service provider, meaning it can use other carriers besides Old Dominion if customer needs warrant.
The unit is headed by Michael Venegoni, who joined Old Dominion in June 2010 after 12 years at YRC Worldwide Inc., where he left as group vice president. The unit will be based in Thomasville, N.C., Old Dominion's headquarters.
"Customers are asking for a broader range of solutions and innovations across increasingly complex and dynamic supply chains," said David Congdon, Old Dominion's president and CEO, in a statement. "Vault Logistics is a significant investment in our future and expansion of our capabilities to help our customers thrive in the new economy."
Venegoni said in the same statement that a company survey of logisticians nationwide found that only one in five were completely satisfied with their current 3PL provider. "Too often, 3PLs act more like a vendor for their customers rather than a committed long-term partner, causing the relationship to fail," he said.
Less-than-truckload (LTL) carrier Old Dominion Freight Line Inc. announced late Monday it is launching a third-party logistics (3PL) unit to respond to customer demands for increasingly complex supply chain solutions.
