2010 revenue increases 28 percent topping 2009 results
DANBURY, Conn. - Wednesday, February 2nd 2011 [ME NewsWire]
(BUSINESS WIRE)-- Continuing its rapid global expansion, Odyssey Logistics & Technology Corp.(OL&T), a leading global logistics and transportation service provider, announced today that revenues grew 28 percent in 2010 beating 18 percent revenue growth in 2009. The company bolstered its Asian operations by opening additional offices in China and Japan. OL&T moved cargo worldwide valued at more than $55 billion, up from $40 billion in 2009. OL&T employs 660 people throughout the world, an increase of 65 percent above year-end 2009.
“Odyssey Logistics & Technology had another very positive year in 2010, and our success is enabling us to invest significant resources in growing the company organically and through acquisitions,” said Robert Shellman, president & CEO, OL&T. “We anticipate a continuation of significant growth throughout 2011 and beyond.”
Two Acquisitions and More to Follow
In addition to double-digit revenue growth, OL&T made two acquisitions allowing it to diversify its service offerings outside of the chemical and process industries. In April, OL&T acquired International Forwarders, Inc. (IFI), an independently-owned export freight forwarder and customs house broker based in Charleston, S.C. The purchase strengthened OL&T’s customs broker and duty drawback capabilities.
In December 2010, OL&T acquired Optimodal, Inc., an intermodal company specializing in the multi-modal transportation of bulk liquids in ISO tanks and related services throughout North America. Optimodal is the largest chemical sector intermodal service provider in the United States. The purchase enables OL&T to offer an extensive rail network of intermodal transportation services while lowering its clients’ carbon footprints approximately 50 percent compared to over-the-road transportation services.
“With companies exiting the recession, focus has shifted not only to reducing costs through business efficiencies, but to growing top line revenues,” said Cosmo Alberico, executive vice president and chief financial officer, OL&T. “With Odyssey’s vast portfolio of transportation management services and global reach, our clients are taking full advantage of lower transportation costs which ultimately lead to enhanced logistics performance and an improved bottom line.”
The Odyssey logistics networknow spans beyond North America into Europe and Asia serving all modes of transport with coverage in more than 150,000 transportation lanes. OL&T deploys a proprietary technology platformfor its clients and suppliers facilitating collaborative activities that drive costs from the network while improving visibility of cargo movements and customer service.
About OL&T
Odyssey Logistics & Technology (OL&T) delivers a comprehensive portfolio of managed logistics and third-party services to the global chemical and process manufacturing industries. The Odyssey Global Logistics PlatformSM is OL&T’s technology infrastructure, and features a proprietary net-native transportation management system that supports the safe, reliable and efficient delivery of client products throughout the world.
With double-digit average annual revenue growth for the last five years, OL&T moves products with more than $55 billion in value between 185,000 origins and destinations and 220 ports worldwide, servicing midsize to large global chemical and process industry clients. For more information, visit www.odysseylogistics.com.
Contacts
OL&T
Francis Onofrio,
203-393-1101, Ext. 169
fonofrio@mason23.com
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