ArcBest Corp., a trucking company based in Fort Smith, Arkansas, plans to cut 130 jobs as part of a reorganization of several divisions.

"I recognize this is difficult but necessary," ArcBest CEO and Chairman Judy McReynolds said, according to Arkansas Business.

ArcBest said the restructuring aims to "differentiate" the company's asset-light divisions from a crowded logistics market, the newspaper reported. The company said it will save about $15 million annually because of the restructuring to combine sales, marketing, customer serve and other functions.

ArcBest rose 5.6 percent to an eight-month high of $23.17 a share by 12:04 p.m. New York time. The stock has fallen 12 percent in the past 12 months.