CVS Corp. Renews and Expands Transportation Contracts to Ryder; Services Provided as Part of Ryder's Dedicated Contract Carriage Offering.Business Editors MIAMI--(BUSINESS WIRE)--April 9, 2002 Ryder System, Inc. (NYSE NYSE See: New York Stock Exchange :R), a global leader in supply chain and transportation management solutions, announced today that its transportation business with CVS (1) (Concurrent Versions System) A version control system for Unix that was initially developed as a series of shell scripts in the mid-1980s. CVS maintains the changes between one source code version and another and stores all the changes in one file. Corporation (NYSE:CVS), the nation's largest retail provider of prescriptions, has been extended and expanded. Under multi-year Dedicated Contract Carriage (DCC (1) (Direct Cable Connection) A Windows 95/98 feature that allows PCs to be cabled together for data transfer. DCC actually sets up a network connection between the two machines. ) contracts, Ryder delivers products from distribution centers in Bessemer, Ala., Novi, Mich., Lumberton, N.J. and Woonsocket, R.I. to CVS/pharmacy retail outlets in Ala., Conn., Fla., Ga., Ill., La., Mich., N.J., Ohio, Pa., and R.I. The expanded equipment package includes an additional 40 tractors and 90 trailers. Ryder's DCC service is a customized bundle of transportation management services for the delivery of a customer's products that allows its management to be more focused on core business issues. Ryder provides these services through turnkey transportation operations packages that include vehicles, drivers, fleet management, dock operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. and preventive and programmed maintenance services. "Expanding our contract with Ryder gives us access to the specialized talent, equipment and service infrastructure of one of the world's largest transportation organizations to address any short-term or emergency needs that may arise," said Joe Estrella, director of Transportation and Logistics Network for CVS. "Ryder has become the major third-party supplier supporting CVS with transportation solutions," he added. "CVS's routing and scheduling model requires Ryder's drivers to continuously monitor the on-time system by loading information into on-board computers," said John Deris, Ryder's director of National Accounts. "We are committed to reaching and exceeding our established key performance indicators Key Performance Indicators (KPI) are financial and non-financial metrics used to quantify objectives to reflect strategic performance of an organization. KPIs are used in Business Intelligence to assess the present state of the business and to prescribe a course of action. to assure that the right products are delivered on time at each store." "Ryder has worked hard to deliver the requirements of the CVS model, which requires that we deliver from their distribution center to the first store within a 15-minute delivery window, with 30-minute windows for the other stops on that route," said Ed Caulfield, Ryder's director of customer logistics. "Last year, Ryder achieved a 98.9 percent first-stop delivery rate. We look forward to our ongoing partnership with CVS and achieving new results to drive efficiencies throughout its supply chain." Ryder's relationship with CVS dates back to 1997, with Ryder providing DCC services at CVS distribution centers in Lumberton, N.J. and Woonsocket, R.I. This relationship continued to grow in 1998 with Ryder providing full service truck leasing to support the CVS Somerset, N.J., North Augusta North Augusta, city (1990 pop. 15,351), Aiken co., SW S.C., on the Savannah River opposite Augusta, Ga.; settled c.1860, inc. 1906. Located in an agricultural region, it is mostly residential. , S.C. and Knoxville, Tenn. distribution centers. In addition to the vehicles, Ryder has provided vehicle support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services such as financing, preventive maintenance The routine checking of hardware that is performed by a field engineer on a regularly scheduled basis. See remedial maintenance. preventive maintenance - (PM) To bring down a machine for inspection or test purposes. See provocative maintenance, scratch monkey. , emergency road service, administrative support, insurance and safety services. Today, Ryder provides full-service lease Full-service lease Also called rental lease. Arrangement in which lessor promises to maintain and insure the equipment leased. and finance lease services to support CVS' private fleet operations in four locations across the U.S., bringing Ryder's total CVS package to 207 drivers, 130 tractors and 250 trailers. About CVS CVS is America's premiere pharmacy, dispensing prescriptions in more stores than any other retailer. With annual revenues exceeding $22 billion, CVS has created innovative approaches to serve the healthcare needs of all of its customers through more than 4,100 CVS/pharmacy stores; CVS ProCare, its specialty pharmacy business; CVS.com, its online pharmacy  This article or section may deal primarily with the U.S. and may not present a worldwide view. ; and PharmaCare, its pharmacy benefit management A Pharmacy Benefit Manager (PBM) is a third party administrator of prescription drug programs. They are primarily responsible for processing and paying prescription drug claims. company. General information about CVS is available through the Investor Relations Investor relationsThe process by which the corporation communicates with its investors. portion of the Company's website, at http://www.CVS.com. About Ryder Ryder provides leading-edge logistics, supply chain and transportation management solutions worldwide. Ryder's product offerings range from full-service leasing, commercial rental and programmed maintenance of vehicles to integrated services such as dedicated contract carriage and carrier management. Additionally, Ryder offers comprehensive supply chain solutions, consulting, lead logistics management services and e-Business solutions that support customers' entire supply chains, from inbound raw materials and parts through distribution and delivery of finished goods. Ryder serves customer needs throughout North America, in Latin America, Europe and Asia. For the sixth consecutive year, Ryder was featured in the 2002 Fortune Most Admired Companies survey of corporate reputations. Forbes named Ryder to its "Magnetic 40" as "Best in Transportation and Logistics" for creating a "network of partnerships that can spur growth, innovation and most important, serve customers better." InternetWeek named Ryder as one of the top 100 U.S. companies for effectiveness in using the Internet to achieve tangible business benefits. For the fourth consecutive year, Inbound Logistics recognized Ryder in 2001 as the top third-party logistics provider. The National Safety Council selected Ryder to receive the 2002 Green Cross for Safety Medal - its highest honor - for exemplary commitment to workplace safety and corporate citizenship Corporate Citizenship The extent to which businesses are socially responsible in meeting legal, ethical and economic responsibilities placed on them by shareholders. The aim it to create higher standards of living and quality of life in the community in which it operates, while . Ryder's stock is a component of the Dow Jones Transportation Average The Dow Jones Transportation Average (also called the "Dow Jones Transports;" DJTA) is the oldest U.S. stock market index. Components Today, the index consists of the following 20 companies (weighted to adjust for stock splits and other factors): For more information on Ryder System, Inc., visit http://www.ryder.com. |
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