Pacer International, Inc. (Nasdaq: PACR), a leading North American freight transportation and global logistics services provider, is pleased to announce that effective July 1, 2013, Pacer International/Ocean World Lines (OWL) has entered into a new agreement with CTS International Logistics Corporation, Ltd. that will further expand its network. CTS brings 56 offices in mainland China to the Pacer/OWL network, providing a location in every major business and manufacturing center, port and airport. Pacer believes that CTS International is perfectly situated for unmatched supplier relationship management and origin and destination logistics activities. “Pacer’s US domestic intermodal capacity and highway network streamline our reach into the heartland of the USA. “ commented Mr. Chen Yu, Executive Vice President at CTS, “And the OWL network reaches the logistics supply chain country extremities demanded by our customers. This partnership gives us the access we need.” CTS already has facilities situated in those cost effective regions where Chinese manufacturers are migrating to, and several members of management within both companies have long-standing relationships that further enhance the partnership and advance the business relationship development. “CTS is an established, well respected organization located right where our customers need them. We are extremely pleased to have the opportunity to expand our global coverage for our customer base through the CTS network. Pacer has been steadily expanding its US based sales force over the last twelve months and is pooling additional resources from its International and Intermodal business units to manage the new business. From day one we will offer an unrivaled, complete end-to-end solution from virtually any point in China, through Control Towers in Shanghai, Singapore, the USA and Europe, to any point in the over 100-country strong OWL network.” remarked Bob Noonan, EVP International, Pacer. “We can offer our customers direct-access to every major production center in China without the typical concerns and asset acquisitions associated with start-up operations.”
Shares of Pacer International (Nasdaq:PACR) were gapping up Thursday morning with an open price 14.6% higher than Wednesday's closing price. The stock closed at $4.80 yesterday and opened today's trading at $5.50.