Acquisition Adds Three Stations to Eagle's Latin American Shipping Network
HOUSTON, Dec. 16 /PRNewswire/ -- Eagle USA Airfreight, Inc.
(Nasdaq: EUSA), the USA's largest and fastest-growing domestic heavyweight air
freight forwarder, today announced that it has completed the acquisition of
privately-held Compass Cargo Limitada, an airfreight forwarder in Chile with
annual net revenues of approximately $1.5 million. Terms of the transaction
were not disclosed.
Eagle's addition of Compass Cargo, with stations in Santiago, Iquique and
Antofagasta, doubles the number of company-owned stations in Latin America.
Earlier this calendar year, Eagle opened its first Latin American stations in
Buenos Aires, Argentina, Sao Paulo, Brazil, and Lima, Peru.
"These additions demonstrate our continuing commitment to build
international operations that expand our services to existing customers while
creating new markets for our company," said Eagle's Regional Vice President of
Latin America Raul Pedraza. "We began the year with no company presence in
Latin America, and we will enter 2000 with six company-owned stations in the
major trading hubs of four Latin American countries."
Compass Cargo principals Hernan Necochea and Patrico Macias will continue
to manage the Company's operations in Chile. Eagle also will retain the
current Compass Cargo staff of approximately 50 transportation professionals.
"We are delighted to join a team that is aggressively pursuing
international expansion, and we look forward to providing an even higher level
of service and resources to our customers with the support of Eagle's strong
infrastructure, technology and financial resources," Necochea said.
The acquisition of Compass Cargo represents the third international
acquisition Eagle has announced in the last two days. On December 15, the
Company announced an agreement to acquire Fastair Cargo Systems Ltd, and
Commercial Transport International-both of Canada.
Eagle USA Airfreight, Inc. operates under the name EGL Eagle Global
Logistics. Eagle's dedication to providing superior flexibility and fewer
shipping restrictions on a price competitive basis has made it a leading
provider of airfreight forwarding and other transportation and logistics
services. Its network of 78 terminals in eight countries features
state-of-the-art information systems designed to maximize cargo management
efficiency and customer satisfaction. Its fiscal 1999 revenues totaled more
than $595 million. The Company's shares are traded on the Nasdaq National
Market under the symbol "EUSA". Eagle's headquarters is in Houston, Texas.
For more information about Eagle, visit http://www.eagleusa.com .
The statements in this press release regarding net revenues and other
statements, which are not historical facts, are forward-looking statements.
Such statements involve risks and uncertainties, including, but not limited
to, acquisition-related risks, (such as integration of acquired business,
retention of prior levels of business, retention of employees, diversion of
management attention and unanticipated problems in an acquisition),
competition, general economic conditions, and ability to manage growth and
other factors detailed in the Company's filings with the Securities and
Exchange Commission. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual outcomes
may vary from those indicated.
For more information about Eagle: Visit Eagle on the Internet at
http://www.eagleusa.com , contact Eagle Investor Relations via the Internet at
mslaught@eagleusa.com, or by telephone at 281-618-3428, Michael Slaughter,
Vice-President Investor Relations.
SOURCE Eagle USA Airfreight
 back to top
Related links:
http://www.eagleusa.com
CONTACT:
Elijio V. Serrano, Chief Financial Officer,
281-618-3665, or Mike Slaughter, Vice-President of Investor
Relations, 281-618-3428, both of Eagle USA Airfreight
|
