Autoliv Electronics Canada Inc. Selects Vastera's Managed Services For Canadian Global Trade Management Solution
DULLES, Va.--June 10, 2003--Managed Services To Initiate at Manufacturing Facility In Ontario, Canada
Vastera, Inc. , the leading provider of solutions for Global Trade Management (GTM), today announced that Autoliv Electronics Canada Inc., has selected Vastera to provide Managed Services for the company's plant operations in Markham, Ontario, Canada.
The agreement between Vastera and Autoliv Electronics Canada calls for Vastera to provide its Managed Services offering, which includes classification, broker management, trade compliance with NAFTA provisions, and duty management, for Autoliv Electronics Canada's manufacturing plant in Markham, Ontario. Autoliv Electronics Canada manufactures and supplies electronic components for use in automotive safety systems.
"With increased attention by the U.S. and Canadian governments to ensure border security, the burden on companies trading across those markets is significantly increased," said Peter Porreca, Business Development Manager for Autoliv Electronics Canada Inc. "In choosing a partner to manage our trade processes, we required a company with global Customs expertise, working knowledge of preferential trade programs such as NAFTA and experience in working with Canada's national Customs policies and systems. Only Vastera could offer all of this. We look forward to a long and successful partnership."
"Vastera is clearly the premier solution in the auto industry to manage and automate Autoliv Electronics Canada's trade processes, and we are very pleased to add Autoliv Electronics Canada to our expansive list of marquee clients in this market," said Michael Jepsen, Vice President, Worldwide Sales and Marketing for Vastera. "This agreement with Autoliv Electronics Canada is another step in the right direction for Vastera as we continue to expand our offerings into key regions and markets around the world."
About Autoliv Electronics Canada Inc.
Autoliv Electronics Canada Inc. manufacturers electronic components for use in automotive safety systems. Autoliv Electronics Canada Inc. is part of Autoliv Inc., the worldwide leader in automotive safety systems with 80 facilities and over 32,000 employees in 30 vehicle producing countries. For more information about Autoliv Electronics Canada Inc. visit www.autoliv.com.
About Vastera
Vastera is the worldwide leader in providing solutions for Global Trade Management (GTM). Vastera clients realize significant reductions in costs to manage their global trade operations while improving compliance with government regulations and service levels to end customers.
Vastera's GTM solutions include: TradeSphere (software), Trade Management Consulting (business process consulting), and Managed Services (business process outsourcing). TradeSphere interprets country-specific information requirements while providing visibility of in-transit inventory. By utilizing TradeSphere, companies can provide governments with accurate information prior to their goods arriving at borders, helping goods move effectively and efficiently across borders without interruption. By combining TradeSphere with Vastera's Trade Management Consulting, companies can standardize and automate business processes, more effectively manage supplier and partner relationships, while reducing costs and cycle times and increasing cash flow. Through Vastera's Managed Services offering, clients gain the benefit of world-class trade expertise, an integrated global software platform and process knowledge. These companies achieve guaranteed hard dollar cost savings, take full advantage of preferential trade programs and improve international service levels without having to internally deploy software or hire trade experts throughout the world.
As the only publicly traded company focused exclusively on global trade, Vastera has nearly 600 professionals, in 13 countries, with over 400 clients utilizing their GTM solutions. For more information, visit www.vastera.com.
This press release includes statements that may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not strictly historical are "forward looking" statements, which are subject to the many risks and uncertainties that exist in Vastera's operations and business environment. These risks and uncertainties may cause actual results to differ materially from the expected results and include, but are not limited to, Vastera's limited operating history, history of losses and anticipation of continued losses, potential volatility of quarterly operating results, the ability to successfully implement Vastera's expansion plans, risks related to the Internet, risks related to legal uncertainty and other risks which are set forth in more detail in Vastera's Registration Statement on Form S-1, as amended, as well as other reports and documents filed from time to time with the Securities and Exchange Commission.