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EMERY WORLDWIDE LAUNCHES INTEGRATED MULTI-MODAL GLOBAL LOGISTICS SERVICE; AIR FREIGHT CARRIER'S CEO ANNOUNCES FIRST ANNUAL PROFIT

 NEW YORK, Dec. 13 /PRNewswire/ -- Emery Worldwide announced it has established Logistics Worldwide as a new subsidiary providing international multi-modal logistics services for customers with global sourcing and distribution requirements.
 The new company was unveiled by W. Roger Curry, Emery's president and chief executive officer, at a meeting in New York City with members of the transportation press. At the meeting, Curry also briefed reporters on Emery's progress in achieving a turnaround to profitability from almost three years ago when the company was losing nearly a million dollars a day.
 "Emery this year will post its first annual profit since the acquisition by Consolidated Freightways, Inc. -- and the first profitable year for Emery under any management since 1985," Curry said.
 "We've gone from being described in the media as `loss-ridden' Emery to `once troubled' Emery to `CF's profitable air freight unit.' Personally, I like `solidly profitable' Emery myself," he said.
 Curry cited four key factors in the company's turnaround: first, establishing and implementing a solid business plan, communicating the marketing and operations goals to employees and the marketplace, and then sticking with it to provide a foundation that would rebuild and restore customer confidence.
 Second, sizing the company properly for its target business segment and reconfiguring operations to improve service and efficiency, with vigilance on cost control.
 Third, reinvigorating employees and rebuilding in them the confidence that they could make Emery a great company. This emphasized communicating Emery's marketing plan and strategic goals throughout the company, and working closely at all levels to bring it home to every employee.
 Lastly, giving employees the opportunity to share in the success as Emery's fortunes improved. In late 1992, Emery established an incentive compensation plan for every employee not covered by a union contract to share in Emery's profits for 1993.
 "I cannot overemphasize the motivational value of this plan, and the driving effect it had on employees to achieve our 1993 performance. Even with the reserve funds set aside for the incentive plan, Emery will generate a `solid' operating profit for shareholders this year.
 "Our performance this year, I believe, is a remarkable accomplishment. It marks the culmination of a tough, uphill battle over almost three years. It was a fight in which the only people who believe in us, and stood by us, were Emery's employees, our parent company, CF Inc., and many loyal customers.
 "I am most gratified to the many customers who stuck with us, who went through our tough times, yet were still willing to give us a chance to prove we could be successful and to demonstrate that we could be an asset to their business. And that goes the same for customers who put aside past problems and gave the new Emery that same chance."
 `New Logistics Worldwide Especially Timely'
 In introducing Logistics Worldwide, Curry noted that the company was particularly well suited for the emerging needs of global customers. "This company is on the cusp of what is shaping up as the most exciting growth area for transportation," Curry said. "It is especially timely, what with the NAFTA accord and the Asian countries forming their own alliance and, of course, Europe's economic unification.
 "The world is evolving into regional economic powerhouses and it will take companies like Logistics Worldwide, which can deploy the vast resources of all the CF companies as well as external services, to link these regions efficiently and manage the supply and distribution needs of customers within each region," he explained.
 Curry noted that for some time, Emery has been performing assignments for customers that required incorporation of air, ocean and warehousing operations. "More and more of our customers want one company that can manage all the elements of a supply or distribution channel," Curry said. "With the increasing interest, we made the decision to formalize this capability into a separate subsidiary, with dedicated personnel and resources that we could market much more aggressively."
 The company offers a full range of capabilities in a coordinated approach with single-source responsibility. These include scheduled or chartered air, ocean or truckload transport to proactive shipment monitoring and expediting; warehousing, inventory management and order fulfillment; customs clearance; shipment tracing and systems support; specialized management reports; and single-source invoicing.
 "Logistics Worldwide has carved out a niche by focusing on the international needs of customers to link their North American manufacturing or distribution with international production and sourcing as well as sourcing from offshore to offshore points," Curry stated. "If it's going inbound to a plant, a distribution center or a customer, this company will be able to create a plan that does it effectively. All we ask the customer is `What are the services you want us to provide?'"
 Curry also announced that Greg McElveen, the former CF Inc. director of strategic planning, has been named director of the new Logistics Worldwide subsidiary. McElveen joined CF Inc. in 1988 as business planning manager, leading the research and planning that led to the establishment of Menlo Logistics. He also was involved with developing a variety of new domestic and international services for both Emery and CF MotorFreight.
 Prior to joining CF Inc., McElveen worked from 1983 to 1988 for Strategic Decisions Group, a leading management consulting firm where he was involved with projects to identify, model and evaluate risk/reward trade-offs for major new business opportunities. From 1978 to 1980, he worked as an investment banking analyst with Morgan Stanley & Co.
 McElveen received a BA degree from Stanford University in 1978, where he majored in economics, and earned an MBA degree from Stanford Graduate School of Business in 1982.
 "Beginning with the considerable international assets of Emery and other CF companies, Logistics Worldwide has gone a step beyond and has forged relationships with other transportation and warehousing partnerships to meet customer needs," McElveen said.
 He noted the company will deploy state-of-the art technology to increase efficiency, accuracy and speed for each customer's global transport and sourcing needs. "Our electronic data interchange capabilities represent the industry's highest standards. Our goal is to offer logistics systems that integrate product flow management, regardless of mode or carrier, in a package that helps our customers lower the overall cost of a supply chain, sourcing or distribution operation.
 A key element in the Logistics Worldwide capabilities package will be Emery's QuickSource Depot Program, an integrated contract logistics management, inventory handling and expedited distribution program with various levels of time-definite delivery for high-value or time-sensitive products or components. QuickSource depots are located at Emery hubs and at existing Emery terminals. A U.S. manufacturer using QuickSource in Europe, for example, can store parts and fill orders through Emery's center in Brussels, Belgium, thereby saving the cost of setting up their own offshore warehouse, inventory management and product delivery system.
 In 1992, the QuickSource Logistics Program was expanded into the United Kingdom, Sweden and Australia, and was established in Germany, Italy, the Netherlands and Belgium during the first quarter of 1993.
 Emery Worldwide, based in Palo Alto, Calif., is a $1.3 billion air freight company with 281 terminal and service locations in North America and 88 countries. Emery provides professional transportation services to support the time-definite traffic and logistics needs of retailing, manufacturing and industrial customers. The Emery network accepts any size commercial freight shipment.
 -0- 12/13/93
 /CONTACT: Gary N. Frantz, 415-494-2900, or Rocco A. Sacci, 212-370-1150, for Emery Worldwide/
 (CNF)


CO: Emery Worldwide ST: New York, California IN: AIR TRN SU: PDT

TW-LD -- NY007 -- 3008 12/13/93 08:36 EST
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Date:Dec 13, 1993
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