LONG BEACH, Calif., Oct. 16, 2007 (PRIME NEWSWIRE) -- UTi Worldwide Inc. (Nasdaq:UTIW) today announced that it has completed the acquisition of controlling interests of Newlog Ltd. from Zim Integrated Shipping Services Ltd. (Zim), the subsequent merger of Newlog into UTi's wholly-owned Israeli subsidiary, UTi Eilat Overseas Ltd., and the acquisition of certain assets, including goodwill, of Transclal Trade Ltd. Newlog and Transclal were both leading providers of freight forwarding services in Israel. The surviving consolidated entity will now operate under the UTi Logistics Israel trade name.
"With the successful completion of this business combination, we are pleased that UTi is now one of the top airfreight and ocean freight forwarding and logistics companies in Israel," said John Hextall, chief operating officer of UTi Worldwide. "Israel is a dynamic and entrepreneurial marketplace, and we are committed to enhancing our market leadership in the region for the benefit of our clients worldwide trading to and from Israel. Having had more than 12 months of collaboration and good working relationships with Newlog and Transclal, we anticipate a seamless integration as we continue to provide excellence and value to our clients through UTi's world-class supply chain services and integrated solutions."
Mordechai ("Moti") Friedman, Transclal's chief executive officer and majority shareholder, will lead UTi Logistics Israel as chief executive officer, and Dr. Yoram Sebba, formerly vice chairman of Zim, joined the new leadership team as chairman.
About UTi Worldwide
UTi Worldwide Inc. is an international, non-asset-based global integrated logistics company providing air and ocean freight forwarding, contract logistics, customs brokerage, distribution, inbound logistics, truckload brokerage and other supply chain management services. The company serves a large and diverse base of global and local companies, including clients operating in industries with unique supply chain requirements such as the pharmaceutical, retail, apparel, chemical, automotive and technology industries. The company seeks to use its global network, proprietary information technology systems, relationships with transportation providers and expertise in outsourced logistics services to deliver competitive advantage to each of its clients' global supply chains.
Safe Harbor Statement
Certain statements in this news release may be deemed to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company intends that all such statements be subject to the "safe-harbor" provisions contained in those sections. Such statements may include, but are not limited to, the company's ability to enhance its market leadership in the Israel market, the company's ability to seamlessly integrate the Transclal and Newlog acquisitions and to continue to provide value to its clients. Many important factors may cause the company's actual results to differ materially from those discussed in any such forward-looking statements, including integration risks associated with acquisitions, the ability to retain customers and management of acquisition targets; a challenging operating environment; increased competition; the impact of higher fuel costs; the effects of changes in foreign exchange rates; changes in the company's effective tax rates; industry consolidation making it more difficult to compete against larger companies; general economic, political and market conditions, including those in Africa, Asia and Europe; work stoppages or slowdowns or other material interruptions in transportation services; risks of international operations; the success and effects of new strategies; disruptions caused by epidemics, conflicts, wars and terrorism; and the other risks and uncertainties described in the company's filings with the Securities and Exchange Commission. Although UTi believes that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, the company cannot assure that the results contemplated in forward-looking statements will be realized in the timeframe anticipated or at all. In light of the significant uncertainties inherent in the forward-looking information included herein, the inclusion of such information should not be regarded as a representation by UTi or any other person that UTi's objectives or plans will be achieved. Accordingly, investors are cautioned not to place undue reliance on our forward-looking statements. UTi undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.