Circle International Group Announces Strategic Investment in Alrod International, Inc.
(NASDAQ:CRCL) today announced that it has agreed to acquire all of the outstanding stock of Alrod International, Inc., a privately owned corporation, through an exchange of Circle common stock for Alrod's common stock.
The transaction, which is expected to close within the next 30 days, will be accounted for on a "pooling of interests"/merger basis and will be non-dilutive.
Founded in 1978, Alrod is a leading international freight forwarder, the top Hispanic-owned transportation company in the US, and a founding member of the Hi-Tech Forwarder Network. The Company is based on the West Coast of the US with 250 employees, offices and bonded facilities in San Francisco, Los Angeles, Dallas, Houston, San Diego, Guadalajara and Tijuana, Mexico.
In addition to traditional air/ocean freight forwarding and customs brokerage, Alrod specializes in supply chain logistics services for predominately hi-tech multinational corporations that source materials globally for line-side stocking. Alrod operates unique finished goods order fulfillment services through its Maquiladora Logistics Division on the US/Mexico border. The Company reported revenues of $82 million for its 1997 fiscal year.
"This is an additional strategic step toward our global expansion," said Peter Gibert, chairman and chief executive officer of Circle International Group, "Alrod's solid air freight and supply chain logistics programs complement Circle's product breadth and global network. I am particularly pleased that the Alrod executives will play a key role in the Circle organization."
Alberto Rodriguez, president and chief executive officer of Alrod commented, "As Alrod celebrates its 20th anniversary with its proven record of specialized customer service, supported by our highly experienced staff, we can now offer our clients a diversified set of new products, automation innovations and an expanded global network."
Stephen Russell, executive vice president of Alrod added, "The combined companies create a dynamic logistics environment giving us the opportunity to build the scale and scope of our current network of services on a broader geographic basis."
Headquartered in San Francisco, Circle International Group is a full-service transportation, information and logistics provider with more than 340 offices in over 100 countries around the world. Celebrating 100 years of service in 1998.
A fax copy of this release and other information about Circle International Group can be obtained by calling 888/329-6089 or by contacting Jen Ashworth at 415/978-0600 / E-mail email@example.com.
CONTACT: Circle International Group Jen Ashworth, 415/978-0600 firstname.lastname@example.org.
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|Date:||Jul 9, 1998|
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