FM LOGISTIC STAYS ON COURSE FOR ITS AMBITION 2022 PLAN DESPITE THE IMPACT OF CURRENCY VARIATIONS

FM Logistic | October 03, 2016

"The company’s achievements and business dynamics were supported by commercial strength and the overall performance of our business activities. The financial year however, was affected by the Forex (devaluation of the rouble, highly unstable real…), but our Group made every effort to keep the effects down to a minimum. Performances in France, Poland, Romania and China were good, and we continued to gain market shares in all countries where we are based,” stated Jean-Christophe Machet, CEO of the FM Logistic Group.A YEAR OF CONTRASTS FM Logistic’s turnover for the last financial year (1 April 2015 – 31 March 2016) stands at 1.034 billion euros, up by 2.9 % in relation to the previous financial year at constant rates. Operating profit reached 30.6 million euros which represents 3 % of turnover.While processed volumes increased by 6 %, turnover went down by 3 % at current rates. This was due mainly to a tight foreign exchange market (devaluation of the rouble, highly unstable real…).

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LOGISTICS

Red Arts Capital, Top Supply Chain and Logistics PE Firm, Acquires First-in-Class Contract Packaging Business

Coregistics | June 27, 2022

Chicago-based private equity firm, Red Arts Capital, announced the acquisition of Coregistics, an award-winning, contract packaging services provider known for its flexibility and sophisticated systems. For Red Arts Capital, the deal comes on the heels of its most recent deal, the sale of the 104 year old trucking company MME to trucking industry titan Knight-Swift, for $150M. Coregistics is a leading national provider of packing-centric supply chain solutions including package and process design, materials sourcing and procurement, contract packaging, and distribution (3PL Services). The company is based in Acworth, GA and operates out of 17 facilities across the United StatesFounded in 2011, Coregistics serves domestic customers consisting primarily of CPG, food & beverage, and service parts. The company’s top customers, many of which are household names in their respective sectors, lean on Coregistics for scalable solutions for introducing their unique products to retail. Coregistic’s services span warehousing, fulfillment, e-commerce and direct-to-DC to direct-to-retail, direct-to-consumer, parcel, freight management, and last parcel sectors. The company has eleven client-embedded locations and operates out of a footprint of nearly three million square feet across its seventeen locations. Coregistics service offering fits squarely within Red Arts’ sector focus and investment approach in the supply chain space. Red Arts utilizes a thematic-driven process to investing, and has had a thesis in the contract logistics space for a number of years. The Red Arts team believes that past success and continued growth in e-commerce will positively impact packaging services demand, and Coregistics is well positioned to provide much needed third-party logistics services in the U.S. market. Chad Strader, Co-Founder and Managing Partner of Red Arts Capital, and a seasoned supply chain industry veteran, believes the addition of Coregistics to the Red Arts portfolio will be extremely beneficial for both parties. “The Coregistics team has demonstrated an extraordinary track record of excellence in contract logistics and packaging, which we believe stems from a team and culture laser-focused on high-quality service, We believe that Coregistics’ culture uniquely positions them to benefit from the growing range of packaging needs spurred by continued e-commerce developments. We are excited to be in partnership with them.” -Chad Strader, Red Art’s Co-founder and Managing Partner. Our culture is central to everything we do and is the foundation for the best-in-class service our team provides to our customers every day,said Eric Wilhelm, Coregistics’ Chief Executive Officer. The team at Red Arts Capital shares our belief in the importance of culture, dedication to excellence and best-in-class service and we are excited to welcome them as our new partner as we continue to grow our Company. Since the firm’s inception in 2015, Red Arts Capital has been a private equity leader in supply chain and logistics investing. The firm is led by Co-founders and Managing Partners, Chad Strader and Nicholas Antoine. Since founding the firm, Chad and Nick have overseen major investments in Sunset Pacific Transportation, Radius Logistics, and now Coregistics, as well as two exited deals in Midnight Express and Midwest Motors Express. Red Arts Capital is not only a historically successful PE firm, but one of the few firms that are black-founded and black-owned. Only 12 of the projected 4,500 PE firms in the U.S. are owned by African Americans.1 Brightwood Capital Advisors provided debt financing for the transaction and Greenberg Traurig, LLP served as legal counsel for Red Arts Capital. Republic Partners served as financial advisor to Coregistics in the transaction. Red Arts Capital Based in Chicago, Illinois, Red Arts Capital is a leading investment firm focused on supply chain-related, transportation and logistics businesses. Red Arts Capital seeks to partner with and invest in privately-owned, primarily family-owned, and multi-generational businesses with solid business fundamentals and a strong track record and reputation. With sector expertise and a commitment to stewardship and excellence, Red Arts Capital’s approach earns the firm a trusted seat at the table with portfolio companies, investors and partners. For more information about Red Arts Capital, please visit ​​www.redartscapital.com.

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TRANSPORTATION

ButcherJoseph Advised Smith Transport, Inc. on Its Sale to Heartland Express Inc.

ButcherJoseph & Co. | June 09, 2022

ButcherJoseph & Co. (“ButcherJoseph”) advised Smith Transport, Inc. (“Smith” or the “Company”), an asset-based truckload carrier headquartered in Roaring Spring, Pennsylvania, on its sale to Heartland Express, Inc. (NASDAQ: HTLD) (“Heartland”). The transaction closed in June of 2022. Heartland acquired 100% of the equity of Smith and related companies for a cash-free, debt-free enterprise value of approximately $170 million. Smith was an S corporation for tax purposes, and the transaction included an election under Section 338(h)(10) of the Internal Revenue Code, resulting in tax deduction benefits over periods of one to fifteen years. The purchase agreement contains customary terms and conditions. The Roaring Spring, Pennsylvania property was acquired from its owners in a separate transaction for $14 million in cash and includes both the trucking terminal and 375,000 square feet of warehouse space that is leased to tenants. Barry Smith, Smith’s Founder and Chairman Emeritus, added, Building Smith Transport has been my life’s work, and I could not have found a better home than Heartland for the Smith family. They offer us long-term stability and the opportunity to grow as part of an industry leader, while retaining our own culture and identity. I look forward to being part of the team to ensure a smooth transition. “As an employee-owned company, our goal was to find the best value and the best home for our people for years to come. We had long thought Heartland was a great fit because of their regional presence, respect for professional drivers, and unsurpassed customer service that mirrors our own philosophies. With the ability to pay cash and invest in our headquarters, and the desire for Smith to remain an independent brand operated by the same people, the choice was clear. I’m excited to work with Mike Gerdin and the Heartland team to make this a success for everyone.” -Todd Smith, Smith’s President ButcherJoseph Managing Partner Joe Strycharz commented, “We’re delighted to have been able to advise Smith Transport in a transaction that met the Company’s strategic objective to remain an independent brand operated by the same people who helped build the company and its culture. The team conducted a thorough process to identify the right buyer and negotiate terms that met the needs of the employee stakeholders involved. Like Heartland, Smith is a dynamic company driven by a commitment to excellence. We couldn’t be happier with the outcome and look forward to the continued growth and future success of both Smith and Heartland.” About Smith Transport Founded in 1982, Smith Transport, Inc. is an asset-based truckload carrier headquartered in Roaring Spring, Pennsylvania, with terminal locations in Pennsylvania, Georgia, and Indiana. Smith primarily provides dry van transportation and other specialized services in the eastern United States. Smith’s customer base includes many Fortune 500 companies including expedited transportation integrators, retailers, beverage manufacturers, and home supply companies, several of whom have been customers for over 20 years. Smith operates a fleet of approximately 850 company tractors, with an average age of less than three years, and approximately 2,000 dry van trailers. The modern fleet is not expected to require any out of cycle investment. About Heartland Express Heartland Express, Inc. is an irregular route truckload carrier based in North Liberty, Iowa, serving customers with shipping lanes throughout the United States. Heartland focuses on medium to short haul regional freight, offering shippers industry-leading on-time service so they can achieve their strategic goals for their customers. Since its initial public offering in 1986, Heartland has grown from approximately $20 million in revenue to one of North America’s largest, most profitable, and best capitalized truckload carriers. Heartland has been recognized 18 times by Forbes Magazine as one of the Top 200 Best Small Companies in America, 17 times as one of the Best Truckload Carriers in America by Logistics Management Magazine, and as one of America’s Most Trusted Companies by Newsweek Magazine in 2022. About ButcherJoseph & Co. ButcherJoseph & Co. is a boutique investment banking firm specializing in ESOPs, mergers and acquisitions, private debt & capital sourcing and valuation advisory services for middle market companies. Its industry recognized team of professionals has executed 200+ transactions exceeding $15 billion in total value. ButcherJoseph is headquartered in St. Louis with a presence in Washington, DC and offices in Chicago, Charlotte, Scottsdale, and Nashville. Advisors Scudder Law Firm, P.C., L.L.O. served as merger and acquisition transaction and legal advisor to Heartland, while Utz & Lattan, LLC served as Heartland’s special ESOP counsel. Morgan, Lewis & Bockius LLP served as transaction counsel and McGuireWoods served as special counsel to Smith. Moore & Van Allen PLLC served as counsel to the ESOP trustee.

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TRANSPORTATION

J.B. Hunt, Waymo Add Wayfair to Autonomous Trucking Pilot in Texas

J.B. Hunt Transport Services Inc | June 29, 2022

J.B. Hunt Transport Services Inc. (NASDAQ: JBHT), one of the largest supply chain solutions providers in North America, and Waymo, the leading autonomous driving technology developer, announced the latest development in their collaboration on autonomous trucking technology will include a pilot delivering goods for J.B. Hunt customer Wayfair, one of the world’s largest destinations for the home. The latest pilot will span six-plus weeks during July and August and take place along the I-45 corridor between Houston and Dallas, the location of J.B. Hunt and Waymo’s original pilot nearly one year ago. It will be the first in-depth transportation of home furnishings retail freight between J.B. Hunt and Waymo Via (the company’s autonomous Class 8 trucking unit powered by the Waymo Driver™ technology). “Real-time testing with customers like Wayfair is critical to making autonomous freight movement a viable solution in the future, Every supply chain is unique, so it’s important that customers can work alongside J.B. Hunt and Waymo to ensure that advanced autonomous technology will create capacity that meets their needs. Through shared experiences, technology integration and innovative thinking, autonomous technology can help us advance J.B. Hunt’s mission to create the most efficient transportation network in North America.” -Craig Harper, chief sustainability officer and executive vice president at J.B. Hunt Throughout the multi-week pilot, J.B. Hunt, Waymo and Wayfair will monitor and evaluate data relating to delivery logistics, loading and unloading freight, autonomous performance, and factors influencing the overall driving and non-driving experience. The pilot will use J.B. Hunt 360°® technology to automate several processes such as check calls and transactions to improve driving efficiency. Autonomous specialists - a commercially licensed driver and a software technician – will be in the cab for the duration of each trip to monitor the Waymo Driver’s operations. Expanding our alliance with J.B. Hunt and beginning to move freight together for Wayfair is an exciting next step toward applying the Waymo Driver technology to commercial goods delivery,” said John Verdon, trucking lead, business development and partnerships at Waymo. “We couldn’t be more delighted to work alongside companies who share our innovative spirit and excitement for what autonomous driving technology can mean for the trucking industry. Following a successful pilot in 2021, J.B. Hunt and Waymo extended their collaboration earlier this year with a long-term vision to complete the first fully autonomous commercial freight transport. During the pilot, more than 862,000 pounds of freight were moved, with no accidents and 100% on-time pick-up and delivery. This will be Wayfair’s first large-scale, hands-on experience using Level 4 autonomous vehicle technology to transport freight. Wayfair is the destination for all things home: helping everyone, anywhere create their feeling of home. Offering a wide selection of over 33 million products from more than 23,000 suppliers, expert customer service and a seamless, omnichannel shopping experience, Wayfair makes it quick and easy for customers to shop for their homes. “At Wayfair, innovation is at the core of everything we do, and this pilot with J.B. Hunt and Waymo is a great example of this, We’re excited to continue our work with J.B. Hunt and their willingness to collaborate with us on this autonomous commercial vehicle test as a part of our overall strategy to evolve our logistics strategies and end-to-end supply chain solutions.” -Sean Halligan, Wayfair’s chief global supply chain officer. As part of their long-term collaboration, J.B. Hunt and Waymo are exploring technology integration opportunities with J.B. Hunt 360. For example, the J.B. Hunt 360box® drop-and-hook freight program that includes more than 12,000 available trailers has the potential to provide a near-term, efficient solution for shippers that would make autonomous driving technology available in the digital freight marketplace for the first time. Waymo’s impressive experience building autonomous driving technology spans more than a decade, having driven over 20 million miles on public roads and 20 billion miles in simulation. J.B. Hunt operates one of the largest company-owned fleets in the U.S. complemented by an industry-leading multimodal freight marketplace in J.B. Hunt 360. Driven by its talented workforce, industry-leading technology and capacity-driven solutions, J.B. Hunt continues to advance its mission to create the most efficient transportation network in North America. About J.B. Hunt J.B. Hunt Transport Services Inc., an S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, final mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com. About Waymo Waymo is an autonomous driving technology company with a mission to make it safe and easy for people and things to get where they’re going. Since our start as the Google Self-Driving Car Project in 2009, Waymo has been focused on building, deploying, and commercializing The World’s Most Experienced Driver™ technology to improve the world's access to mobility while saving thousands of lives now lost to traffic crashes. The Waymo Driver powers Waymo One™, the world's first fully autonomous ride-hailing service, as well as Waymo Via™, our trucking and local delivery service. To date, Waymo has autonomously driven tens of millions of miles on public roads and tens of billions of miles in simulation, across 13+ U.S. states. For more: www.waymo.com.

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SUPPLY CHAIN

EY launches EY OpsChain Supply Chain Manager, incorporating zero-knowledge proof technology for business operations

EY | May 23, 2022

The EY organization announces the beta availability and use of EY OpsChain Supply Chain Manager on blockchain.ey.com, which is a new solution specifically focused on combining product traceability with inventory management across an extended supply chain. While traceability has long been a widely used application by enterprises on public blockchains, the lack of privacy for transactions has limited the adoption of some of the applications by enterprises. Using Polygon Nightfall's zero-knowledge proof-based privacy technology, which is currently a mainnet beta launch, EY OpsChain Supply Chain Manager can help move and track tokens at scale, with low costs, and the privacy required for enterprise applications such as inventory management. This ultimately allows organizations to create fungible or non-fungible tokens representing assets and inventory, and then transfer those across the extended supply chain network. By using a combination of Polygon Nightfall's zero-knowledge proof-based privacy technology and off-chain information management, assets can now be moved across the network with privacy, so that only selected parties can see the full history of those assets. Unlike most enterprise systems, information such as inventory status and location is now retained, even as raw materials and products move across the supply chain and between organizations. "Managing complex operations across enterprise boundaries is a big step forward. EY OpsChain Supply Chain Manager significantly widens the breadth of use cases available for clients to consider." -James Canterbury, Principal and Blockchain Leader, Ernst and Young LLP. Antoni Martin, Polygon Enterprise Lead for Polygon, says This is exactly the kind of commercial use case we envisioned when we set out to build and deploy the Polygon Nightfall network. Enterprise use cases outside of financial services are still not widely developed. Privacy tools open a whole new world for us. Further information about beta access to the EY OpsChain Supply Chain Manager solution is available at blockchain.ey.com. Users initially receive testnet access upon registration for development purposes, followed by production mainnet access, subject to EY client acceptance protocols. About EY EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

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Spotlight

We created logistics.dhl from the ground up to give you the most seamless experience possible, regardless of device. Explore our website, which lives under the new .dhl domain, to discover our significant improvements and innovations, all created to make your work easier.

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