C.H. Robinson Acquires India-Based Freight Forwarder.MINNEAPOLIS -- C.H. Robinson Worldwide, Inc. ("C.H. Robinson") (Nasdaq:CHRW CHRW C.H. Robinson Worldwide (stock symbol) ) announced today that it has acquired certain assets of Triune Freight Private Ltd. and Triune Logistics Private Ltd., collectively ("Triune"), a third party logistics provider based in India. Triune has approximately 160 employees in 19 offices throughout India, and has annual gross revenues of approximately $11 million. Triune has more than 600 customers and provides primarily air and ocean international forwarding along with customs clearance services. They also have a projects division focused on highly specialized movements and solutions. Like C.H. Robinson, Triune is non-asset based. Headquartered in Chennai, Triune was founded in 1999 and is privately held; terms of the acquisition were not disclosed. "Further expansion of our international freight forwarding network is one of our core growth strategies, and Triune is an excellent introduction for us into one of the world's fastest-growing economies," said Jeff Scovill, C.H. Robinson vice president of international. "They are a great company with a driven, service-oriented team of people and a well-balanced mix of forwarding services and customers. With Triune on board we can offer full coverage from northern to southern India, and we have a key platform to develop the C.H. Robinson network further into Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. ." In addition to acquiring selected assets of Triune, C.H. Robinson has offered employment to all of its existing employees. T.J. Srinivasaraj, 36, the managing director of Triune, will continue with the company as C.H. Robinson's director of Indian subcontinent Indian subcontinent, region, S central Asia, comprising the countries of Pakistan, India, and Bangladesh and the Himalayan states of Nepal, and Bhutan. Sri Lanka, an island off the southeastern tip of the Indian peninsula, is often considered a part of the subcontinent. . "We are very excited to be joining C.H. Robinson and its international freight forwarding network," said Srinivasaraj. "The transportation market in India is growing very quickly, and C.H. Robinson's global network of owned offices and financial strength will enable us to provide our customers with tailor-made global solutions through our expanded capabilities. The company cultures are very similar and we are happy to be joining hands as together we expand our presence in the international forwarding marketplace." Founded in 1905, C.H. Robinson Worldwide, Inc., is one of the largest non-asset based third party logistics companies in the world, with 2005 gross revenues of $5.7 billion. C.H. Robinson is a global provider of multimodal Two or more modes of operation. The term is used to refer to a myriad of functions and conditions in which two or more different methods, processes or forms of delivery are used. On the Web, it refers to asking for something one way and receiving the answer another; for example requesting transportation services and logistics solutions, currently serving over 20,500 customers through a network of over 210 offices in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Europe, and Asia. C.H. Robinson maintains one of the largest networks of motor carrier capacity in North America and works with approximately 40,000 carriers worldwide. Except for the historical information contained herein, the matters set forth in this release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to such factors as market demand and pressures on the pricing for our services; competition and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. within the third-party logistics A third-party logistics provider (abbreviated 3PL) is a firm that provides outsourced or "third party" logistics services to companies for part, or sometimes all of their supply chain management function. industry; freight levels and availability of truck capacity or alternative means of transporting See: mode of transport. freight, and changes in relationships with existing truck, rail, ocean and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to integrate the operations of acquired companies with our historic operations successfully; risks associated with litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and insurance coverage; risks associated with operations outside of the U.S.; risks associated with the produce industry, including food safety and contamination issues; changing economic conditions such as general economic slowdown, decreased consumer confidence, fuel shortages and the impact of war on the economy; and other risks and uncertainties detailed in our Annual and Quarterly Reports. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion