C.H. Robinson acquires third-party firm
C.H. Robinson Worldwide Inc. announced today that it has acquired substantially all of the operating assets and certain liabilities of Smith Terminal Transportation Services Inc., which does business as FTS, a Miami-based third-party logistics company. Terms of the acquisition were not disclosed.
Like C.H. Robinson, FTS is non-asset based. One of the largest third-party providers in South Florida, it provides transportation and logistics services throughout the U.S. to approximately 1200 customers. FTS has 37 employees, and had gross revenues of approximately $27 million in 2001.
"FTS is a great fit for us," said Greg Goven, senior vp of C.H. Robinson. "They are a very strong player in the region, with multimodal capabilities that will allow them to quickly begin selling C.H. Robinson's network."
Lee Futernick, currently president of FTS, will remain at the company through a transitional period. Vice presidents Marc Wright and Phil Magill will remain with the company as managers of the new C.H. Robinson branch office.
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