AIR EXPRESS INTERNATIONAL ANNOUNCES INVESTMENT IN SCANDINAVIA.DARIEN Darien, town, United States Darien (dâr`ēĕn'), residential town (1990 pop. 18,130), Fairfield co., SW Conn., on Long Island Sound; settled c.1641, inc. 1820. , Conn.--(BUSINESS WIRE)--Dec. 16, 1994--Air Express International Corporation (AEI AEI American Enterprise Institute AEI Archive of European Integration AEI Australian Education International AEI Automotive Engineering International AEI Australian Education Index AEI Albert Einstein Institute ) reported today its expansion in Scandinavia Scandinavia (skăn'dĭnā`vēə), region of N Europe. It consists of the kingdoms of Sweden, Norway, and Denmark; Finland and Iceland are usually considered part of Scandinavia. with the purchase of seventy-five percent (75%) ownership of Universal Airfreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air AS in Norway Norway, Nor. Norge, officially Kingdom of Norway, constitutional monarchy (2005 est. pop. 4,593,000), 125,181 sq mi (324,219 sq km), N Europe, occupying the western part of the Scandinavian peninsula. . Based in Oslo, Norway, Universal Airfreight (Universal) provides airfreight and customs brokerage services and has been AEI's exclusive agent in Norway since 1977. Universal recorded revenues in 1993 of approximately $9.0 million and employs a staff of 35 in locations at Bergen and Oslo. Universal has joint venture investments in freight forwarding companies in Denmark, Finland and Sweden. All three of these companies have been AEI's exclusive agents. Air Express International purchased 75% ownership in Universal from Arthur Ulrichsen, Managing Director of Universal Airfreight, and other investors. Mr. Ulrichsen, who remains a 25% stockholder of the Company, will continue in his capacity as Managing Director of Universal Airfreight and will coordinate AEI's activities throughout the Scandinavian region. In commenting, AEI President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Guenter Rohrmann, said, "By making this investment we have taken another step in implementing our strategy of strengthening our worldwide network through expanded Company operated presence in all major markets. Air Express International is a large global logistics company, with annual revenues of approximately $900 million. CONTACT: Air Express International Corp. Dennis M. Dolan, 203/655-5713 |
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