Odyssey Logistics & Technology Corporation acquired Optimodal, the largest intermodal chemical sector service provider in the United States.
The purchase allows OL&T to offer an extensive intermodal rail network while lowering shippers’ carbon footprints approximately 50 percent compared to over-the-road transportation services, the company said.
Privately held logistics and freight management provider OL&T did not disclose financial details of the transaction.
By The Numbers: U.S. Rail Cargo.
“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 OL&T. “Optimodal offers the flexibility of local, short-distance truck transport combined with the efficiencies and security of long-haul rail transport.”
“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,” said Greg Snyder, president of Optimodal.
Optimodal will operate as a wholly owned subsidiary of Odyssey Logistics & Technology with no changes in personnel or service. OL&T will continue to utilize the current Optimodal facility in West Chester, Pa.
With double digit average annual revenue growth rates for the last five years, OL&T moves products with more than $42 billion in value worldwide, serving midsize to large global chemical and process industry clients.
In the fourth quarter of 2010, Danbury, Conn.-based OL&T expanded its global operational centers to China, and plans to expand to Japan in 2011.
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