TORONTO, Jan. 12, 2012 /CNW/ - Livingston International has entered into
an agreement to acquire the customs and trade compliance services of
the Global Trade business of JPMorgan Chase Bank, N.A., announced
Livingston President and CEO Peter Luit. This acquisition represents
the operations and technology of the former Vastera business.
This strategic move to acquire a global leader of customs and trade
compliance solutions greatly expands Livingston's international trade
expertise and service offerings within the United States and Canada,
and extends this crucial and growing part of Livingston's business to
Mexico, Europe and Asia.
Included in the transaction are the solutions, employees, intellectual
property and technology that allow clients to realize cost savings and
logistics operational efficiencies while improving customs and trade
compliance with government regulations. Technology solutions include
Prisma, Restricted Party Screening and TradeSphere®. No other J.P.
Morgan Global Trade business is included in the deal.
"J.P. Morgan continues to expand its core trade and supply chain
capabilities for clients around the world as a leader in international
trade," said Andrew Betts, Global Head of Supply Chain at J.P. Morgan.
"We believe that these customs and trade compliance services are a
natural complement to Livingston's offering and will be for the
long-term benefit of clients."
"This is a very meaningful acquisition of a uniquely positioned
business," said Peter Luit, "that accelerates the execution of our
company's growth strategy. The former Vastera business is highly
complementary to the services we provide to our clients. With it, we
are gaining a great depth of expertise and robust capabilities in
import and export compliance management, developed for world-class
enterprises headquartered in North America who do business globally,"
he continued. "This transaction expands our operating platforms into
Mexico, Europe and Asia and brings us new client relationships as well
as the skilled staff and technology vital to delivering first-class
solutions to our clients."
Livingston International and J.P. Morgan are working closely together to
manage a smooth transition and provide consistent service for existing
clients' customs and trade compliance activities.
Livingston International is Canada's leading customs broker and one of
the top five in the United States. The company also offers customs and
international trade consulting services in both countries as well as
international freight forwarding across North America and around the
globe. Headquartered in Toronto, Ontario, Livingston has over 2,300
employees located at approximately 100 key border points, seaports,
airports and other strategic locations across the United States and
SOURCE Livingston International Inc.
For further information:
| Dawneen MacKenzie |
Vice President, Corporate Communication
1-800-387-7582 ext. 3109
| Aurora Johnson Gregory |