Landstar System, Inc. (Nasdaq: LSTR), a safety-first non-asset-based provider of transportation capacity, announced today that it will expand its opportunities in the international marketplace through the creation of Landstar Global Logistics, Inc. The new company lays the foundation on which Landstar will use its wholly owned operating companies Landstar Express America, Inc. and Landstar Logistics, Inc. to broaden the scope of its supply chain solutions and international reach.
In addition to creating new international services to meet existing customer demand, Landstar Global Logistics will better position Landstar to become a premium global logistics services provider focused on exceeding the needs of its customers around the world.
"These are exciting times in the business community," said Landstar President and CEO Henry Gerkens. "Manufacturers and suppliers continue to tighten their supply chains, creating greater international opportunities for capacity providers willing and able to step up to the plate. Landstar will go where our customers take us."
Landstar Global Logistics customers will benefit from a full range of existing domestic and international transportation and logistics services, including ocean and air freight forwarding, intermodal, multimodal, and expedited air and ground transportation, as well as the company's planned expansion of its warehousing capabilities in 2006.
"We will attack the international and warehousing markets using the same model we've used to succeed on the domestic front. We will remain a non-asset based provider of third-party capacity," said Gerkens. "Our strength lies in our ability to establish mutually beneficial long-term relationships with independent businesses. We have the right business model in the right place at the right time to take advantage of today's global opportunities and we plan to do just that."
The following is a "safe harbor" statement under the Private Securities Litigation Reform Act of 1995. Statements contained in this press release that are not based on historical facts are "forward-looking statements." This press release contains forward-looking statements, such as statements, which relate to Landstar's business objectives, plans, strategies and expectations.
Terms such as "anticipates," "believes," "estimates," "plans," "predicts," "may," "should," "will," the negative thereof and similar expressions are intended to identify forward-looking statements.
Such statements are by nature subject to uncertainties and risks, including but not limited to: an increase in the frequency or severity of accidents or workers' compensation claims; unfavorable development of existing accident claims; dependence on independent sales agents and business capacity providers; disruptions or failures in our computer systems; a downturn in domestic or international economic growth or growth in the transportation sector; substantial industry competition; and other operational, financial or legal risks or uncertainties detailed in Landstar's Form 10K for the 2004 fiscal year, described in the section Factors That May Affect Future Results and/or Forward-Looking Statements, and other SEC filings from time to time. These risks and uncertainties could cause actual results or events to differ materially from historical results or those anticipated. Investors should not place undue reliance on such forward-looking statements, and Landstar undertakes no obligation to publicly update or revise any forward-looking statements.
Landstar System, Inc. delivers safe, specialized transportation services to a broad range of customers world-wide. The company identifies and fulfills shippers' needs through the coordination of individual businesses comprised of independent sales agents and third-party transportation capacity providers. Landstar's carrier group, which is comprised of Landstar Gemini, Inc., Landstar Inway, Inc., Landstar Ligon, Inc., Landstar Ranger, Inc. and Landstar Carrier Services, Inc., delivers excellence in complete over-the-road transportation services. Landstar Global Logistics, Inc., Landstar Express America, Inc. and Landstar Logistics, Inc., together, provide international expedited, warehousing, contract logistics and intermodal transportation services. All Landstar operating companies are certified to ISO 9001:2000 quality management system standards. Landstar System, Inc. is headquartered in Jacksonville, Florida. Its common stock trades on The NASDAQ Stock Market(R) under the symbol LSTR.