UNION-TRANSPORT CHANGES NAME TO UTi
' Union-Transport, a California-based third-party logistics provider that went by the acronym U-T, has changed its name to UTi to present a more electronic commerce-oriented image, the company said.
UTi was established in Germany in the early 1900s as trucking concern. Former executives of the precursor of BAX Global in the United States bought the company in the 1970s and merged it with various other interests, including an ocean forwarding business, to form U-T.
The company now does more than $600 million in annual revenue and has 175 company-owned offices in 41 countries. It has been ranked as one of the world's 20 largest air forwarders.
Sources say UTi, which is listed on the Luxembourg stock exchange, is preparing for a public stock offering in the United States this year.
“Our business has evolved from being a fixed-asset trucking company to one providing customized supply chain solutions that deliver competitive advantage to our customers’ global supply chains,” said Tiger Wessels, UTi chairman.