C.H. Robinson Worldwide, Inc. ("C.H. Robinson") (Nasdaq:CHRW)
announced today that it has acquired certain assets of Triune Freight
Private Ltd. and Triune Logistics Private Ltd., collectively
("Triune"), a third party logistics provider based in India. Triune
has approximately 160 employees in 19 offices throughout India, and
has annual gross revenues of approximately $11 million.
Triune has more than 600 customers and provides primarily air and
ocean international forwarding along with customs clearance services.
They also have a projects division focused on highly specialized
movements and solutions. Like C.H. Robinson, Triune is non-asset
based. Headquartered in Chennai, Triune was founded in 1999 and is
privately held; terms of the acquisition were not disclosed.
"Further expansion of our international freight forwarding network
is one of our core growth strategies, and Triune is an excellent
introduction for us into one of the world's fastest-growing
economies," said Jeff Scovill, C.H. Robinson vice president of
international. "They are a great company with a driven,
service-oriented team of people and a well-balanced mix of forwarding
services and customers. With Triune on board we can offer full
coverage from northern to southern India, and we have a key platform
to develop the C.H. Robinson network further into Southeast Asia."
In addition to acquiring selected assets of Triune, C.H. Robinson
has offered employment to all of its existing employees. T.J.
Srinivasaraj, 36, the managing director of Triune, will continue with
the company as C.H. Robinson's director of Indian subcontinent.
"We are very excited to be joining C.H. Robinson and its
international freight forwarding network," said Srinivasaraj. "The
transportation market in India is growing very quickly, and C.H.
Robinson's global network of owned offices and financial strength will
enable us to provide our customers with tailor-made global solutions
through our expanded capabilities. The company cultures are very
similar and we are happy to be joining hands as together we expand our
presence in the international forwarding marketplace."
Founded in 1905, C.H. Robinson Worldwide, Inc., is one of the
largest non-asset based third party logistics companies in the world,
with 2005 gross revenues of $5.7 billion. C.H. Robinson is a global
provider of multimodal transportation services and logistics
solutions, currently serving over 20,500 customers through a network
of over 210 offices in North America, South America, Europe, and Asia.
C.H. Robinson maintains one of the largest networks of motor carrier
capacity in North America and works with approximately 40,000 carriers
worldwide.
Except for the historical information contained herein, the
matters set forth in this release are forward-looking statements that
represent our expectations, beliefs, intentions or strategies
concerning future events. These forward-looking statements are subject
to certain risks and uncertainties that could cause actual results to
differ materially from our historical experience or our present
expectations, including, but not limited to such factors as market
demand and pressures on the pricing for our services; competition and
growth rates within the third-party logistics industry; freight levels
and availability of truck capacity or alternative means of
transporting freight, and changes in relationships with existing
truck, rail, ocean and air carriers; changes in our customer base due
to possible consolidation among our customers; our ability to
integrate the operations of acquired companies with our historic
operations successfully; risks associated with litigation and
insurance coverage; risks associated with operations outside of the
U.S.; risks associated with the produce industry, including food
safety and contamination issues; changing economic conditions such as
general economic slowdown, decreased consumer confidence, fuel
shortages and the impact of war on the economy; and other risks and
uncertainties detailed in our Annual and Quarterly Reports.
