Pacer International to Acquire Cross Con; Third Acquisition in Seven Months Expected to Improve Pacer's Volumes, Equipment Balance, Service.LAFAYETTE, Calif.--(BUSINESS WIRE)--June 5, 1998--Pacer International, Inc. (Pacer), a California-based multimodal Two or more modes of operation. The term is used to refer to a myriad of functions and conditions in which two or more different methods, processes or forms of delivery are used. On the Web, it refers to asking for something one way and receiving the answer another; for example requesting transportation and logistics services organization serving global, national and regional manufacturers and retailers, said it has reached an agreement to acquire Chicago-based Cross Con Terminals, Inc. and Cross Con Transport, Inc. (Cross Con), a group with a strong Midwestern presence and complementary business. The acquisition is expected to close shortly. Pacer Chief ExecuQ %b b=M5) Angeles-based providers of intermodal marketing, cartage cart·age n. 1. The act or process of carting. 2. The cost of carting. cartage a fee charged for carting of goods. See also: Dues and Payment Noun 1. and consolidation services. More recently, Pacer acquired Stutz & Company (Stutz) of Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). in a merger transaction. The operations of Stutz are being consolidated into the company's DeSoto, Texas-based flatbed and specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. heavy-haul trucking division, Pacer Transport, 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. its president, Gerry Angeli. The Cross Con acquisition will make Pacer one of the largest intermodal marketing companies (brokers of intermodal transportation) and providers of related logistics services in 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. , accounting for some 130,000 truckload-equivalent moves annually. The company's revenues have increased from $86.7 million in 1996 on a stand-alone basis to $252 million for the 12-month period ended March 31, 1998, on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis after giving effect to the acquisitions of Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. , Stutz and Cross Con. Cross Con's revenues for the 12 month period ended March 31, 1998 were $53 million. Pacer's intermodal marketing units, which currently operate under their original names as consolidation work proceeds but will eventually be unified under the Pacer name, include ABL-Trans in Lafayette, CA; Interstate in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. ; and now Cross Con. Balanced Freight Flows Cross Con brings to the combined company a strong westbound traffic flow that originates in the Midwest, Orris explained. Pacer, which distributes substantial volumes of freight from the West Coast to the U.S. interior and East Coast, already enjoys a strong eastbound east·bound adj. Going toward the east. eastbound Adjective going towards the east Adj. 1. business, so the combination is expected to help Pacer balance and control equipment more efficiently and improve service for customers. Cross Con also brings to the company an established and historically profitable business; a solid, long-term management and employee base; an infrastructure of Chicago-area owner-operator trucking suppliers; and broader geographical representation, with offices in Chicago, 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 , Atlanta and other cities, Orris added. For example, he said Cross Con offices in Detroit and Toronto support an automotive customer base and involvement in trans-border trade. The Pacer group of companies provides a broad range of intermodal, trucking and logistics services. Its intermodal marketing unit arranges intermodal freight movements throughout North America for manufacturers and retailers, and provides customized electronic tracking, analysis of accessorial charges, and other information support. Pacer Transport, the flatbed and heavy-haul specialized trucking division, also offers its customers logistics and consolidation services. Other related services -- all available through a single provider -- include truck brokerage, less-than-truckload transport, truckload truck·load n. The quantity that a truck can hold. truckload n → camión m lleno cartage, warehousing, cross-dock services, and intermodal rail car maintenance and repair. The Pacer group has some 300 employees, 120 agents, and a network of more than 775 owner-operator drivers. It is based in Lafayette, California Lafayette is a city in Contra Costa County, California, United States. As of the 2000 census, the city's population was 23,908. It is named (in 1857) after the Marquis de Lafayette, a French military hero of the American Revolutionary War. . -0-
FACT SHEET
Pacer International to Acquire Cross Con
PACER INTERNATIONAL CROSS CON
HEADQUARTERS Lafayette, California Chicago, Illinois
KEY DATES Pacer (then Pacific Motor Established 1977
Transport) acquired from
Union Pacific RR by Donald
C. Orris group 4/1997;
Cross Con is 3rd
subsequent acquisition.
PRINCIPAL BUS. Intermodal marketing, Intermodal marketing,
specialized trucking, truck brokerage,
logistics services, logistics services,
consolidation, truck cartage
brokerage, less-than-
truckload transport,
cartage, warehousing, rail
car M&R
EMPLOYEES 250 54
AGENTS 120 2
CONTRACT DRIVERS 775 12
TRANSP. ASSETS flatbed & heavy-haul none
trucks, leased trailers,
warehouses, cross-dock &
yard facilities
KEY MGT. Donald C. Orris, CEO, Richard P. Hyland
Pacer Intl.; Gary Goldfein, (becomes President,
Pres., Pacer Logistics; Pacer Intermodal-East)
Robert L. Cross, Pres.,
Pacer Intermodal-West;
Gerry Angeli, Pres., Pacer
Transport; Al Steiner, EVP,
Pacer Intl.; Larry C.
Yarberry, CFO
REVENUES
(12 mos. ended
3/31/98) $252 million (pro forma, $ 53 million
after giving effect to
acquisitions of Interstate,
Stutz and Cross Con)
IMC NAMES ABL-Trans, Lafayette, CA; Cross Con, Chicago
(will become Interstate Consolidation,
Pacer Intermodal) Los Angeles
SERVICE AREAS 48 states, Canada, Mexico 48 states, Canada,
Mexico
ANNUAL LOADS 130,000 50,000
RR & STACKTRAIN APL, BNSF, CP, CR, CSXI, BNSF, UP, CR, CN, CP,
CONTRACTS IC, KCS, NS, UP IC, CSX, NS, KCS,
various other
stacktrain providers
CONTACT: Pacer International Pacer International NASDAQ: PACR is a U.S. based holding company with operations in non-asset based third-party logistics and intermodal freight transportation services. The company's subsidiary Pacer Stacktrain pioneered the use of "double-stack" rail services. , Lafayette (Media contact) Don Orris, 925/299-2239, or (Denver) 303/623-5310 Issued by: Potash potash: see potassium carbonate. potash Name used for various inorganic compounds of potassium, chiefly the carbonate (K2CO3), a white crystalline material formerly obtained from wood ashes. & Company, Oakland Steve Potash, 510/261-1570 |
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