C.H. Robinson Worldwide, Inc. Opens Seven Offices in China; Acquires Assets of Dalian Decheng Shipping Agency Co., Ltd.MINNEAPOLIS -- C.H. Robinson Worldwide, Inc. ("C.H. Robinson") (Nasdaq:CHRW CHRW C.H. Robinson Worldwide (stock symbol) ) announced today that it will open seven offices in China and has entered into a binding agreement to acquire the selected assets of Dalian Decheng Shipping Agency Co., Ltd. ("DDSA DDSA Defence Development Sharing Arrangement (Canada) DDSA Defense Dental Standard Application DDSA Derived-Design Strategic Activities DDSA Digital Distributed Systems Architecture DDSA Digital Data Service Adapter ") on June 30, 2004. DDSA is a China-based NVOCC See Non Vessel Operating Common Carriers. , or non-vessel-operating common carrier, with seven office locations throughout mainland China. C.H. Robinson's new offices will be located in Dalian, Tianjin, Qingdao, Shanghai, Ningbo, Xiamen and Shenzhen. Like C.H. Robinson, DDSA is non-asset based. Its business is primarily ocean freight forwarding. C.H. Robinson has maintained an agency relationship with DDSA since 1998. DDSA is privately held; terms of the acquisition were not disclosed. The offices are expected to have approximately $12 million in gross revenues in the next twelve months. "We're very pleased to announce our opening in the People's Republic People's Republic n. A political organization founded and controlled by a national Communist party. of China," said Joseph J. Mulvehill, vice president, international, of C.H. Robinson. "We are focused on expanding our international freight forwarding network worldwide, and this addition to our Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. office is a great fit. We've worked with DDSA for several years and have been continually impressed with the caliber of their people and the high quality of service they provide. Combined with our Hong Kong office, we now have a strong foundation of offices in Asia upon which we can continue building our international freight forwarding business." In addition to acquiring selected assets of DDSA, C.H. Robinson has hired the approximately 90 employees of DDSA, including its leadership team, which will continue to manage the offices. C.H. Robinson's Asia operations will be headquartered in Dalian. Founded in 1905, C.H. Robinson Worldwide, Inc., 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, serving over 16,000 customers through a network of 167 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, Europe, and Asia. C.H. Robinson is one of the largest third-party logistics companies in North America, with 2003 gross revenues of $3.6 billion. For more information about our company, visit our Web site at www.chrobinson.com. Except for the historical information contained herein, the matters set forth in this release are forward-looking statements 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 our ability to integrate the operations of the acquired companies with our historic operations successfully and risks associated with operations outside the U.S. These and other risks and uncertainties are detailed under "Cautionary Statement" in Exhibit 99.1 to C.H. Robinson's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed on March 15, 2004. |
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