Mitsubishi renews contract with Yusen Logistics

Mitsubishi | April 20, 2018

Mitsubishi Electric has awarded Yusen Logistics a contract renewal. Yusen provides all inbound logistics, from palletised and handball containers through to picking product for dispatch, as well as total reverse logistics, with an onsite workshop for repairs, re-work, testing and checking of recycled goods. “Over the past 11 years, we have seen customer behaviours and demands develop, with a critical focus now on product availability within a specific delivery time-frame,” said Mark Foscoe, European logistics manager for Mitsubishi Electric. “Yusen Logistics has been able to offer us flexible storage and fulfilment solutions to meet these changing needs, with the high levels of service and attention to detail that our customers require.”

Spotlight

J.B. Hunt Transport Services’ (JBHT) common stock trades on the NASDAQ stock market. As of March 1, 2016, the company’s market capitalization stood at $8.56 billion.Capacity has become a matter of concern in the US transportation and logistics industry. The depressed commodities market, lower US overall exports, and increased retail inventory marred the freight volumes in 2015 and is expected to continue in 2016.


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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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FREIGHT

Sleek Technologies and Propero Consulting Automate Freight Procurement for Oracle Transportation Management (OTM) Users

Sleek Technologies | June 23, 2022

Sleek Technologies, the leader in freight procurement automation, announced its strategic partnership with Propero Consulting. Propero, an Oracle Partner, designs and implements innovative supply chain solutions that improve operational efficiencies. Together, Sleek and Propero will help OTM customers uncover resilience, sustainability, and cost reduction opportunities related to transportation management. “This strategic alliance supports our push towards freight procurement automation, OTM users will now have the ability to dynamically source compliant carriers through an AI-powered, self-regulated freight marketplace that eliminates waste such as brokers and RFPs.” -Mike Nervick, CEO of Sleek Technologies. Sleek Technologies uses proprietary AI and machine learning algorithms to dynamically match shipper loads to compliant carriers at the right time, location, and market price. Data seamlessly flows between Sleek and OTM, so customers gain a complete snapshot of truckload activity for stronger, data-driven decision making. ”Over the last 24 months, many shippers have identified the need to automate important supply chain processes and improve overall carrier capacity, Transportation management remains at the top of the list. This automated solution we’ve developed for OTM with Sleek turns the static freight procurement process into a dynamic real-time process, reducing truckload cost while improving on time delivery.” -Mauricio Ramirez, Managing Director of Propero Consulting. With a heightened focus on digital transformation, and a need to remain resilient especially during times of unknowns, innovative shippers have realized the old, antiquated way to procure freight no longer works. From dealing with outdated fixed pricing to waiting hours on load acceptance, freight procurement has been in desperate need of a revamp for decades. And innovative technology is proving to help overcome these long standing operational hurdles. About Propero Propero Consulting is an Oracle Partner that specializes in Oracle Supply Chain Applications such as Oracle Transportation Management (OTM), Global Trade Management (GTM), and Oracle Warehouse Management (WMS). Our mission is to deliver tangible value to our clients through best-in-breed supply chain solutions and best-in-class service. To learn more please visit our website. About Sleek Technologies: Sleek Technologies is the market leader in freight procurement automation. With AI-powered technology and 100% data transparency, Sleek Technologies uncovers resilience, sustainability, and cost-reduction opportunities that empower customers to always deliver products on time, at fair market cost. To join other shippers who have automated freight procurement, please visit the website.

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MANAGEMENT

GXO Partners with Sente Foundry to Accelerate Logistics Innovation

GXO Logistics | May 17, 2022

GXO Logistics, Inc. (NYSE: GXO), the world’s largest pure-play contract logistics provider, announced a new partnership with Sente Foundry (“Sente”), a global startup investment and innovation platform that brings corporations, public institutions and investors together to discover high-potential technology startups with inventive ideas and scalable solutions that can help solve today’s greatest supply chain challenges. “Our partnership with Sente reflects our ongoing commitment to providing our customers with cutting-edge automated solutions that increase safety, productivity, accuracy and scalability, We look forward to working with Sente to identify innovators around the world that are using emerging technologies to develop game-changing solutions to make logistics a competitive advantage.” -Sandeep Sakharkar, Chief Information Officer, GXO During the year-long collaboration, Sente will conduct a global search for and evaluation of the world’s most promising technology-focused startups. The start-ups will be selected specifically for their potential to help GXO meet its strategic priorities, including accelerating warehouse innovation for customers that are increasingly looking to automate their logistics operations. Sente COO Gerod Carfantan, leader of Sente’s Supply Chain and Transportation domain, said, “We’re excited by this opportunity to connect GXO with startups with scalable groundbreaking ideas. Today’s logistics challenges are increasingly complex, and GXO has led the way globally with creative solutions, innovation and collaboration. We’re inspired by GXO’s mission to realize logistics at full potential and we look forward to helping the company achieve even greater success.” About GXO Logistics GXO Logistics, Inc. (NYSE: GXO) is the world’s largest pure-play contract logistics provider and is benefiting from the rapid growth of ecommerce, automation and outsourcing. GXO is committed to providing a diverse, world-class workplace for approximately 120,000 team members across more than 900 facilities totaling approximately 200 million square feet. The company partners with the world’s leading blue-chip companies to solve complex logistics challenges with technologically advanced supply chain and ecommerce solutions, at scale and with speed. GXO corporate headquarters is in Greenwich, Connecticut, USA. Visit GXO.com for more information and connect with GXO on LinkedIn, Twitter, Facebook, Instagram and YouTube. About Sente Foundry Sente Foundry, LLC (“Sente”) is a Chicago-based early-stage startup investment program that works with corporations, family offices, and institutional investors to connect startups with innovative and scalable opportunities using its unique “CVC-as-a-Service” platform. Sente searches the world for the most high-potential startups and helps them scale through partnerships with its partners. With Sente, startups can scale faster and do so internationally; investors get line-of-sight and a new way to invest in the world’s most promising startups; and corporations accelerate innovation like never before. Since its founding in 2013, Sente has supported early-stage companies that operate in over 40 countries, have received over $35 million in funding, and have generated revenues exceeding $80 million. Find Sente online at sente.link, LinkedIn, and Twitter.

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Spotlight

J.B. Hunt Transport Services’ (JBHT) common stock trades on the NASDAQ stock market. As of March 1, 2016, the company’s market capitalization stood at $8.56 billion.Capacity has become a matter of concern in the US transportation and logistics industry. The depressed commodities market, lower US overall exports, and increased retail inventory marred the freight volumes in 2015 and is expected to continue in 2016.

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