Meridian IQ Acquires GPS Logistics-Asia
Meridian IQ Acquires GPS Logistics-Asia
OVERLAND PARK, Kan., March 10 /PRNewswire-FirstCall/ -- Meridian IQ, the global logistics management subsidiary of Yellow Roadway Corporation (Nasdaq: YELL), today announced its acquisition of the Shanghai-based GPS Logistics Group. The acquisition is designed to further advance Meridian IQ as a single source for comprehensive and seamless global logistics solutions. The acquisition will also provide management depth and expertise in China, the heart of the world's fastest growing economy."With the acquisition, Meridian IQ has the added resources of 230 employees located in 25 offices throughout Asia and a Class A license in China, which strengthens our ability to provide the necessary care, custody and control of our clients' shipments in the region," said Jim Ritchie, President and Chief Executive Officer of Meridian IQ. "GPS Logistics clients in Asia can benefit from the flexible, customized solutions, supply chain visibility and control now available worldwide from Meridian IQ," Ritchie added.
Asia is an important trade region for the United States. In 2003, China was rated as the fifth largest trading partner for the United States, representing over 20 percent of all Asian imports and exports. Trade growth for China is expected to continue at a rate of nine percent in 2005, according to the China Development Research Center of the State Council. "As supply management in China continues to increase in importance, Meridian IQ can deliver value by eliminating the complexities of global logistics processes for our clients," commented Ritchie.
"The importance of China as the world's fastest-growing large economy is not limited to trade with the United States," added Peter Chow, GPS Logistics Group President and CEO. "China is reshaping global and regional trade patterns throughout Asia, and Meridian IQ is there to help clients maintain control of their supply chain amid evolving processes and regulatory requirements."
Meridian IQ has worked closely with GPS Logistics for over three years. In 2003, Meridian IQ acquired the GPS Logistics United States operations, and in 2004, acquired the GPS Logistics United Kingdom operations. Currently, Meridian IQ now owns and operates facilities in the United States, Europe, Latin America and Asia.
"We are pleased with the results achieved by Meridian IQ; they truly exemplify our core purpose of making global commerce work by connecting people, places and information," stated Bill Zollars, Chairman, President and CEO of Yellow Roadway. "Today's announcement underscores our commitment to developing increased capabilities and services around the world for our clients."
About Meridian IQ
Meridian IQ, a wholly owned subsidiary of Yellow Roadway Corporation (Nasdaq: YELL), is a global logistics management company. Based in Overland Park, Kansas, Meridian IQ allows companies to improve their transportation network and overall supply chain efficiency by offering flexible logistics solutions supported by Web-hosted technology and global logistics management capabilities.
About Yellow Roadway Corporation
Yellow Roadway Corporation is one of the largest transportation service providers in the world. Through its subsidiaries including Yellow Transportation, Roadway Express, New Penn Motor Express, Reimer Express, Meridian IQ and Yellow Roadway Technologies, Yellow Roadway provides a wide range of asset and non-asset-based transportation services integrated by technology. The portfolio of brands provided through Yellow Roadway Corporation subsidiaries represents a comprehensive array of services for the shipment of industrial, commercial and retail goods domestically and internationally. Headquartered in Overland Park, Kansas, Yellow Roadway Corporation employs over 50,000 people worldwide.
SOURCE Yellow Roadway Corporation
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