Odyssey Logistics & Technology to Acquire Nordstrom Freighting.Business Editors DANBURY, Conn.--(BUSINESS WIRE)--June 2, 2003 Leading Logistics Outsourcer Strengthens Service Offering; Trusted Freight-Forwarding Provider Brings More Than 40 Years of Experience Odyssey Logistics & Technology Corporation, a provider of outsourced 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 services to process manufacturers, today announced a definitive agreement to acquire Nordstrom Freighting Corporation, a freight forwarding company. Since its founding in 1960, Nordstrom has offered full-service international freight forwarding services to the chemical, process manufacturing The manufacturing industry that uses process control systems. See process control. and consumer packaged goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one industries. This acquisition will provide Odyssey customers with a more complete end-to-end solution (jargon) end-to-end solution - (E2ES) A term that suggests that the supplier of an application program or system will provide all the hardware and/or software components and resouces to meet the customer's requirement and no other supplier need be involved. Compare: turn-key solution. and a proven and trusted partner in freight forwarding. Financial terms of the acquisition were not disclosed. Nordstrom utilizes the most sophisticated solutions for freight forwarding and was the first company to file a transmission of export data to the U.S. Customs Automated Export System Automated Export System Electronic filing of Shippers Export Declaration (SEDs) with US Customs prior to departure. via AES Weblink, a Web-enabled mechanism. Freight forwarding, or global trading, has traditionally been contracted out to third-party providers. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Odyssey 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. Robert Shellman, the Nordstrom acquisition will enable Odyssey to offer these services in-house, in conjunction with its own comprehensive, Net-native technology solutions, eliminating the need for paperwork and streamlining trade processes. "Nordstrom is known for superior customer service, attention to detail, quick response to challenges, and innovative ideas for simplifying and managing the international trade process," said Doug Johnston, president and COO of Odyssey. "The company is a leading freight-forwarding service provider that has successfully served their customer base for more than 40 years. As a full-service logistics company, it is imperative that Odyssey continues to provide its customers with the excellent service and proven technology that they have come to expect. The addition of the Nordstrom team and expertise underscores our commitment to providing value to process manufacturers." Nordstrom will be integrated into Odyssey International, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Odyssey Logistics and Technology, which offers its clients the full range of services necessary to support global trading. Richard Nordstrom, president of Nordstrom Freighting, and Vincent Calandra, vice president, will continue to provide leadership within Odyssey International, and all of the employees will join the company. "Odyssey has an extremely broad value proposition as a service provider," said Nordstrom. "Being able to serve the customer in all aspects of international transport is the future direction of logistics, and Nordstrom is excited to add its proven experience and seasoned team to the Odyssey equation." About Odyssey Logistics & Technology Odyssey Logistics & Technology provides outsourced logistics management services to the chemical industry and other process manufacturers. Odyssey allows its customers to outsource any part of the management and transportation of their raw materials and finished goods, helping these companies achieve cost savings through reduced transportation and infrastructure costs, measurable customer service and process improvements, and enhanced data quality and management. With a management team with an average of more than 25 years of experience as chemical engineers and transportation and logistics professionals in all relevant modes of transportation, Odyssey is a trusted, reliable partner that combines supply chain and logistics expertise, technology innovations and proven outsourcing methodologies to help process manufacturers achieve significant savings. Odyssey's investors include RRE RRE Red Rock Eater (News Service) RRE Road Race Engineering RRE Remote Roof Easy RRE Residential Real Estate RRE Rise-And-Run-Length Encoding RRE Royal Radar Establishment (Great Britain) Ventures of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . For more information, visit www.odysseylogistics.com on the Web. |
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