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 Press Releases | Online Newsletters | AwardsPress Release Archive | Back
AEI Announces Acquisition Of Team Fret, French Ocean Freight Forwarder
DARIEN, CT USA (August 11, 1999) -- AEI announced today that the Company has recently completed the
acquisition of Team Fret, a French-based ocean freight forwarder. The terms
of the transaction were not disclosed.
Acting exclusively as an ocean freight forwarder, Team Fret operates several offices in France with a staff of 45 employees handling a variety of
customers, including many major French multinational companies. Headquartered
in Marseilles, the company's particular strength is in servicing routes from
ports in Southern France to the United States and the Far East. Team Fret has
operated profitably with net revenues of approximately $6 million for 1998.
Commenting on the transaction, Sjoerd van Loon, AEI's Vice President, Europe, stated, "We are pleased to be able to add a company of Team Fret's industry standing and experience to AEI's international network. Their presence will significantly bolster AEI's overall operations in France and, more
particularly, our ocean freight operations and capabilities both in France and
throughout Europe. Mr. Jean-Christian Porto Gallo Team Fret's former majority
owner will remain as its Managing Director. In his new capacity at AEI, Mr.
Porto Gallo will assume an important role in AEI's European ocean freight
activities and will have specific responsibility for ocean freight throughout France."
In further commenting, Jean-Christian Porto Gallo stated, "We are glad to become part of AEI, an acknowledged global leader in providing freight
forwarding and logistics services. By bringing our Team Fret operations into
the overall AEI worldwide facilities and management information system
network, we will not only continue the excellent service we now provide our
existing customers, but we will also significantly enlarge the geographic
reach and depth of services that we can offer to our current customers and new
business prospects. The career opportunities of our employees will also be
substantially enhanced as they become part of AEI's global network."
Headquartered in Darien, CT, AEI is a world leader in integrated logistics services, delivering multi-modal transportation, warehousing and distribution, customs brokerage and information management solutions across a network of 705 locations in more than 135 countries.
This press release contains forward-looking statements. Such statements are subject to risks and uncertainties that could cause actual
results to vary materially from those anticipated; among these are the
Company's dependence upon conditions in the air and ocean freight forwarding
industry, the size and resources of many of the Company's competitors and the
need for the Company to continue to effectively integrate acquired businesses
and successfully deliver its primary services. Additional information with
respect to these and other factors which could materially affect the Company
is included in the Company's filings with the Securities and Exchange
Commission, including its most recent proxy statement and 10-K.
For further information please contact:
Candace Bouchard
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