Fritz Companies, Inc. Acquires Oy Nielsen Global Freight Corporation; Fritz Global Integrated Logistics Services now Available in Finland.SAN FRANCISCO--(BUSINESS WIRE)--March 4, 1996--Fritz Companies, Inc. announces the acquisition of Oy Nielsen Global Freight Corporation (Nielsen), headquartered in Helsinki, Finland. A division of Oy Henry Nielsen Ab founded in 1924, Nielsen is one of the largest logistics service companies in Finland providing air and sea freight forwarding, customs clearance, inland freight consolidation, warehousing and logistics management Logistics Management is that part of Supply Chain Management that plans, implements, and controls the efficient, effective, forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet , particularly for transit cargo from 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. , Asia and Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). to the CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S (formerly the Soviet Union), Eastern Europe and other Baltic countries. The company maintains approximately 200 employees in Finland and has recurring 1995 revenues of $70 million (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ) from its multinational client base. Fred Schardt, Fritz Director Europe, commented on the new Fritz locations in Finland, "Finland is an important gateway to the increasingly expanding and complex markets of the CIS and Northeastern Europe countries. With this business union, Fritz customers worldwide will have access to Nielsen's logistics advantage in the Baltic region, including the Finnish State Railroad, which is connected to the CIS. In addition, with the recent economic and political changes affecting Eastern Europe, Fritz gains stable pricing for logistics services and serves as the most expeditious ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex route to transport cargo to the CIS-market countries. Expansion into Finland illustrates Fritz's continued commitment to the European market." Olli-Pekka Kiilunen, President/Managing Director for Oy Nielsen, comments on the acquisition, "We are pleased that we can provide our valued Finnish clients the depth of Fritz's global network and its resources. Nielsen's marriage to Fritz Companies, Inc. guarantees our continued growth in the forwarding market." Fritz Companies, Inc. is a leader in global transportation logistics and related information services See Information Systems. for importers and exporters worldwide. Fritz has over 300 wholly owned offices in every major international city around the globe. The Company's principal services include logistics management, customs brokerage, international air and ocean freight consolidation and forwarding, warehousing and distribution, and other value-added services for the global movement of goods and logistics information. Fritz Companies, Inc. is headquartered at 706 Mission Street, San Francisco, CA 94103, telephone (415) 904-8360 (www.fritz.com). The Company's shares are traded on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on National Exchange under FRTZ. CONTACT: Fritz Companies, Inc. Kelly Belden Fisher, 415/904-8702 kelly.fisher@fritz.com |
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