LOWELL, Ark. — Two Arkansas-based Fortune 500 companies entered into a multi-year service agreement.
J.B. Hunt Transport Inc. announced on Feb. 22 that it signed the agreement with Walmart, which includes the transport service's purchase of the retailer's intermodal container and chassis fleets.
J.B. Hunt said it has worked closely with Walmart for years, and this new agreement will deepen their ties by driving "long-term value for both organizations," according to J.B. Hunt's press release.
"Today’s announcement is a testament to the mutual trust and shared vision our companies have developed over time, and innovative arrangements like this one demonstrate J.B. Hunt’s disciplined approach to strategically allocating capital to advance our mission of driving long-term value for our people, customers, and shareholders,” Spencer Frazier, executive vice president of sales and marketing at J.B. Hunt, said.
The partnership plans to increase "the companies' current volume and capacity commitments" through several modes of transportation.
“Finding new ways to serve our customers and members and exceed their expectations is important to us,” Fernando Cortes, senior vice president of transportation at Walmart, said. “Walmart’s long history of working with J.B. Hunt has many milestones of innovation and growth. This agreement will strengthen our commitment to delivering goods at an everyday low cost to our customers and members.”
According to the press release, J.B. Hunt is a transportation industry leader in switching from road shipments to intermodal in an effort to decrease a shipment's carbon footprint.
Intermodal transportation, like railways, is a big contender in this business model. J.B. Hunt partners with rail providers such as BNSF Railway, which recently launched an intermodal service to convert highway freight services to intermodal called Quantum.
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