UTI WORLDWIDE ACQUIRES STANDARD CORP.

UTI WORLDWIDE ACQUIRES STANDARD CORP.    UTi Worldwide Inc. said Friday it has acquired Standard Corp., the Columbia, S.C.-based operator of more than 10 million square feet of distribution space, mostly in the Southeast.
   UTi acquired the family-owned third-partly logistics provider for an initial payment of $45.5 million in cash and $3 million in UTi Worldwide restricted ordinary shares, and future cash and stock compensation based on performance.
   Standard, which provides contract logistics, warehousing and distribution, transportation, information technology and manufacturing support operations at 49 sites in 12 states, reported revenues of $120 million in its fiscal year ended July 31.
   'Standard represents the largest acquisition in the history of UTi and, building upon the Grupo SLI acquisition earlier this year, underscores the increasing importance of our contract logistics business as a growth driver for the company,' said Roger I. MacFarlane, chief executive officer of UTi Worldwide.
   The 100-year-old company has been owned by the Walker family. Sam Clark, former chief executive officer, Claude Walker, current CEO, and James Walker, chief financial officer, will no longer remain with the company, but will act as advisors.
   UTi said the operational management team will remain in place and William T. Gates will assume the role as Standard's CEO.
   Formerly president and chief operating officer of Standard, Gates joined the company in 1988 and has more than 20 years of experience in contract logistics, warehousing and distribution. Prior to Standard, he serves as general manager of the Wal-Mart distribution centers in Laurens, S.C.