CHICAGO, 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 one of the top five customs entry filers in the United States and Canada's largest customs broker. The company also offers customs and international trade consulting services as well as international freight forwarding across North America and around the globe. With its U.S. air/sea hub located in Chicago and regional centers in Los Angeles, New York and Norfolk, Livingston is also a dominant customs broker along the U.S.-Canada border. Across North America, Livingston employs over 2,300 employees at approximately 100 key border points, seaports, airports and other strategic locations.
For further information:
| Dawneen MacKenzie
Vice President, Corporate Communication
1-800-387-7582 ext. 3109
| Aurora Johnson Gregory