Fritz Companies Signs Contract With Equate Petrochemical Company.SAN FRANCISCO--(BUSINESS WIRE)--Aug. 18, 1997--Fritz Companies Inc. (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 :FRTZ) has signed a 3-year contract to manage EQUATE Petrochemical Company's global distribution from Kuwait. EQUATE is a joint venture between Union Carbide Union Carbide Corporation (Union Carbide) is one of the oldest chemical and polymers companies in the United States, and currently has more than 3,800 employees. Corporation and Petrochemical Industries Company of Kuwait. The company is in the final stages of completing a 2 billion dollar production plant in Kuwait that will produce polyethylene and ethylene glycol ethylene glycol: see glycol. ethylene glycol Simplest member of the glycol family, also called 1,2-ethanediol (HOCH2CH2OH). It is a colourless, oily liquid with a mild odour and sweet taste. . "The volumes required Fritz to be completely integrated into EQUATE's work process," said Mohammad Al Hasawi, vice president commercial at EQUATE. "By joining efforts with Fritz, we are looking to present our unique services to our customers all over the world." "Outsourcing the forwarding and documentation services allows EQUATE to concentrate on production and sales," said Lynn C. Fritz, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The Fritz global network covers all destinations where EQUATE will sell its products, enabling them to sell products door-to-door if required." EQUATE is positioned to become the preferred, low-cost supplier of polyethylene and ethylene glycol to meet the demands of the rapidly growing markets from Europe and the Middle East to the Asia Pacific rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. . The plant expects to start manufacturing in October of 1997. At full capacity by mid-1998, EQUATE expects to be producing 450,000 tons of polyethylene and 350,000 tons of ethylene glycol per month and shipping up to 80 export containers per day. Fritz will receive all of EQUATE's order details electronically in order to prepare all export documentation. Sophisticated two-way interfaces join Fritz Companies' operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. with EQUATE's SAP enterprise system, allowing booking and accounting information to be subsequently passed back from Fritz to Equate. This will provide necessary control to EQUATE's finance department and total visibility for cargo tracking. Fritz will also provide EQUATE value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services such as electronic transfer of documents to Singapore and Letter of Credit banking. Fritz Companies' Kuwait operation opened for business in April of this year under the sponsorship of existing Kuwaiti partner, Gulf Maritime General Trading & Contracting Co., part of the Al-Kazemi International Group. "We are very pleased to have such a reputable logistics company as part of our group," said the chairman of the Al-Kazemi International Group, Abdul Latif Abdul Latif (Bangla: আব্দুল লতিফ) is a famous musician and lyricist of Bangladesh. He is the writer of the famous songs like Ora Amar Mukher Kotha, Ami dam diye kinechi Bangla. Al-Kazemi. "As more international ventures come to Kuwait, Fritz Companies and Gulf Maritime will be well positioned to compete for our joint transportation business." Fritz Companies Inc. is a leader in global transportation and logistics. Providing flexible service options ranging from integrated logistics programs to traditional freight forwarding and customs brokerage, Fritz develops, implements and delivers worldwide supply chain solutions for its clients. The Fritz worldwide network is comprised of more than 9,000 staff operating across 480 locations, present in 115 countries, all linked together by sophisticated information and communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. . Fritz Companies Inc. (NASDAQ:FRTZ) is headquartered at 706 Mission Street, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , CA 94103, 415/904-8360. All recent information releases are available via fax-on-demand service accessed by dialing 888/286-6419. Additional information is available via the Internet: http://www.fritz.com . CONTACT: Fritz Companies Jay Bellin, 415/538-0314 jay.bellin@fritz.com |
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