C.H. Robinson Acquires Third-Party Transportation Company
MINNEAPOLIS–(BUSINESS WIRE)–Jan. 15, 2002–C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq:CHRW) announced today that it has acquired substantially all of the operating assets and certain liabilities of Smith Terminal Transportation Services, Inc., which does business as FTS (“FTS”). FTS is a third party logistics company that provides truckload, less-than-truckload (LTL), LTL consolidation and intermodal transportation brokerage services: FTS is based in Miami, Florida.
Like C.H. Robinson, FTS is non-asset-based. One of the largest third party providers in South Florida, it provides transportation and logistics services throughout the United States to approximately 1200 customers. FTS has 37 employees, and had gross revenues of approximately $27 million in 2001. Terms of the acquisition were not disclosed.
“FTS is a great fit for Robinson,” said Greg Goven, senior vice president of C.H. Robinson. “They are a very strong player in the region, with multimodal capabilities that will allow them to quickly begin selling C.H. Robinson’s network. They have terrific people and solid customer relationships and carrier relationships. And they do a tremendous amount of LTL and LTL consolidation, which will fold nicely into our fast-growing LTL business: This new office will help us increase our already strong presence in that part of the country. We’re appreciative of what FTS has accomplished, and we’re excited about the opportunities the team will bring to Robinson.”
FTS has been operating since 1985. Lee Futernick, currently president of FTS, will remain at the company through a transition period. Vice presidents Marc Wright and Phil Magill will remain with the company as managers of the new C.H. Robinson branch office.
Founded in 1905, C.H. Robinson Worldwide, Inc., has gross revenues of approximately $3 billion and is a global provider of multimodal transportation services, logistics solutions and fresh produce sourcing, operating through a network of 140 offices in the United States, Canada, Mexico, Europe and South America. In North America, C.H. Robinson is one of the largest third-party logistics companies and maintains the single largest network of motor carrier capacity through contracts with more than 20,000 motor carriers. The company is one of the largest third-party providers of intermodal services in the United States. C.H. Robinson Worldwide, Inc., headquarters is in Eden Prairie, Minn. For more information about C.H. Robinson Worldwide, visit www.chrobinson.com.
