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Today's news alerts include: iGPS Selects Ryder to Expand Reverse Logistics Backbone in North America
iGPS Operates the World's First All-Plastic Pallet Rental Service With Embedded RFID Tags
MIAMI, FL, Jun 11, 2009 -- Ryder System, Inc. (NYSE: R | Quote | Chart | News | PowerRating) has been selected by Intelligent Global Pooling Systems (iGPS) to expand its world-class reverse logistics solution to support the precise, continuous flow of pallets to, from, and among iGPS's growing customer base of major manufacturers and retailers. The innovative iGPS pallet weighs 30 percent less than the typical multi-use Grocery Manufacturers Association (GMA) wood pallet, contains radio frequency identification (RFID) tags for tracking and tracing, and is 100 percent recyclable. Under the multi-year contract, Ryder will provide pallet distribution, RFID tracking and timely, efficient reverse logistics / redeployment of up to 175 million iGPS pallets annually for iGPS's North American customers.
"When we formed iGPS in 2006, our business model was to offer the supply chain the world's finest, most innovative pallet, with key support services to be delivered by best-of-breed companies. The advantages for our customers would be operational excellence and low cost," said iGPS Chief Executive Officer Bob Moore. "It made total sense for us to call on Ryder, as they are known around the world for their world-class infrastructure, sophisticated carrier management information system and 75 years of knowledge in logistics and transportation. We were confident that their solutions would ensure consistent, quality customer service around the clock, everywhere that we operate. Today, despite these difficult economic conditions, we are investing in millions of additional pallets to meet growing customer demand. The Ryder team is right by our side, helping us put our investment to work immediately and to leverage additional customer efficiencies."
As part of the solution, Ryder will continue to operate a Web-enabled transportation and procurement function based on iGPS's business parameters to manage all inbound and outbound third-party transportation providers supporting iGPS's North American operations. Ryder will also continue to provide on-site management, procurement of transportation, routing instructions, compliance management, and freight bill audit and payment services. Expanded services include development of a customized reverse logistics optimization solution for iGPS based on actual historical data, company-specific processes, and real-world experiences gained serving as iGPS's logistics provider through its rapid expansion since 2006.
In just three years of operation, iGPS has set a new standard for the way unitized loads are being shipped throughout the U.S. supply chain. Its state-of-the-art all-plastic pallet weighs 30 percent less than the typical multi-use wood pallet, contains 4 RFID tags for tracking and tracing and is 100 percent recyclable. iGPS pallets meet or exceed GMA requirements and have received fire performance certification under FM Approvals 4996 and UL 2335 (file no. R25482).
"iGPS has worked collaboratively with shippers and receivers to re-engineer and completely rethink a staple element of the standard manufacturing and production process that had remained essentially unchanged through the past 60 years of manufacturing process improvements," said Ryder Supply Chain Solutions President John Willford. "We are extremely proud to play a role in bringing this multi-faceted innovation to a broader base of manufacturers and retailers, while helping iGPS and its customers derive even further benefits from the efficient movement and utilization of its pallet pool."
About iGPS
iGPS is the world's first company to provide manufacturers and retailers with an all-plastic pallet pool with embedded RFID-tags. iGPS's state-of-the-art pallets are 30 percent lighter than wood, which saves on transport costs, are easier to handle and eliminate protruding nails and splinters that cause workplace injuries and damaged equipment. In addition, embedded RFID tags enable shippers and receivers to track and trace shipments in real time. Launched in March 2006, the company is led by pallet and supply chain veterans with decades of experience. iGPS (www.igps.net) is headquartered in Orlando, FL.
About Ryder
Ryder provides leading-edge transportation, logistics, and supply chain management solutions. Ryder's stock (NYSE: R | Quote | Chart | News | PowerRating) is a component of the Dow Jones Transportation Average and the Standard & Poor's 500 Index. Ryder ranks 399th on the FORTUNE 500(R). For more information on Ryder System, Inc., visit www.ryder.com.
Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
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