EGL Inc. Acquires Miami International Forwarders
EGL, Inc. (Nasdaq: EAGL) announced that it has acquired Miami International Forwarders (MIF) companies, a privately held international freight forwarder and customs broker based in Miami, Florida. MIF is among the market leaders in logistics in Florida with a specialty in apparel and a strong presence in the Caribbean and Central and South American markets. MIF is also very active in customs brokerage, ocean forwarding, warehousing and local pick-up and delivery services. With over 50 years of international freight forwarding experience, MIF is also one of Florida's largest customs brokers. Net revenue for MIF totaled $23.6 million in the twelve-month period ended December 31, 2002.
"Joining the EGL organization will bring major benefits to our customers and our employees," said Leonard Roberts, MIF's President. "We expect to tap into EGL's global forwarding and logistics network to provide expanded services to our customers. We believe our employees will have broader job advancement and professional growth opportunities at a dynamic multinational organization. We are very excited about our prospects for the future."
EGL Chief Executive Officer, Jim Crane commented, "This acquisition is a great fit for us. We are focused on expanding our customer base in the apparel industry and increasing our presence in the Latin America market. The acquisition allows MIF to leverage EGL's global network and expand the service offerings to MIF and EGL's customers. In addition, we are very pleased to be able to have the MIF management team of Leonard C. Roberts, Bruce D. Roberts and Jose I. Aguirre join EGL in key management positions."
Crane further added, "Our balance sheet allows us to continue to evaluate strategic acquisitions that leverage our global network and accelerate our revenue opportunities."
Under the terms of the purchase agreement, EGL, Inc., has acquired substantially all of the operating assets of the Miami International Forwarders companies and has agreed to hire the employees of MIF. EGL will pay an undisclosed sum in cash in addition to a two-year earn-out also payable in cash if certain performance benchmarks are achieved.
Houston-based EGL, Inc. operates under the name EGL Eagle Global Logistics. EGL is a leading global transportation, supply chain management and information services company dedicated to providing superior flexibility and fewer shipping restrictions on a price competitive basis. With 2002 revenues exceeding $1.9 billion, EGL's services include air and ocean freight forwarding, customs brokerage, local pickup and delivery service, materials management, warehousing, trade facilitation and procurement, and integrated logistics and supply chain management services. The Company's shares are traded on the Nasdaq National Market under the symbol "EAGL".
CAUTIONARY STATEMENTS
The statements in this press release regarding opportunities, goals and results and future results of operations, and any other statements, which are not historical facts, are forward looking statements. Such statements involve risks and uncertainties, including, but not limited to, general economic conditions, costs and difficulties relating to the acquisition of MIF and the integration of MIF, whether or not the Company will expand its customer base in the apparel industry, whether or not the Company will increase its presence in the Latin America market, competition, the ability to manage and continue growth, and other factors detailed in the Company's 2002 Form 10-K, proxy statement/prospectus and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize (or the consequences of such a development worsen), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. The Company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
SOURCE EGL, Inc.
