OL&T Acquires Optimodal, Inc.
Strategic purchase improves managed rail service and lowers carbon footprint
DANBURY, Conn. (Jan. 11, 2010) – Odyssey Logistics & Technology Corporation (OL&T) announced today that it has acquired Optimodal, Inc., an intermodal company specializing in the multi-modal transportation of ISO tanks and related services throughout North America. Optimodal is the largest intermodal chemical sector service provider in the United States. The purchase allows OL&T to offer clients an extensive rail network of intermodal transportation services while lowering their carbon footprints approximately 50% compared to over-the-road transportation services.
“OL&T continues to make acquisitions that augment its ability to offer a complete portfolio of managed services as well as expand its client base. The purchase of Optimodal meets these objectives and at the same time provides Optimodal employees with additional opportunities within a larger organization,” said Robert H. Shellman, president and chief executive officer of Odyssey Logistics & Technology.
“Now is the right time to partner with Odyssey because there is a huge opportunity to leverage each other’s strengths and move faster towards our long term vision,” said Greg Snyder, president of Optimodal, Inc. “We are excited about joining Odyssey as a wholly-owned subsidiary for several reasons, among them the growth prospects, our mutual customer-centric quality culture and the ability to leverage our mutual strengths and technologies.”
“OL&T acquired Optimodal, Inc. to add improved rail shipping services to our portfolio and to drive down the carbon footprint related to moving cargo,” added Shellman. “Optimodal offers the flexibility of local, short-distance truck transport combined with the efficiencies and security of long-haul rail transport.”
Optimodal will become part of the OL&T enterprise immediately and operate as Optimodal, Inc., a wholly owned subsidiary of Odyssey Logistics & Technology. All current Optimodal customers will continue to be served without any changes in personnel or service. OL&T will also continue to utilize the current Optimodal, Inc. facility in West Chester, PA.
Odyssey Logistics & Technology (OL&T) and its subsidiaries deliver a comprehensive portfolio of managed logistics and third-party services to the global chemical and process manufacturing industries. The Odyssey Global Logistics PlatformSM is OL&T’s technology infrastructure, and features a patented proprietary net-native transportation management system that supports the safe, reliable and efficient delivery of client products throughout the world.
With double digit average annual revenue growth rates for the last five years, OL&T moves products with more than $42 billion in value between 185,000 origins and destinations and 220 ports worldwide, servicing midsize to large global chemical and process industry clients.