GeoLogistics Realigns Freight Forwarding

April 13, 1999 8:58 AM, EDT

GeoLogistics Corp. of Denver will restructure its GeoLogistics Americas freight forwarding business into domestic and international operating units, and realign its service offerings in the wake of operating losses in 1998.

Company officials said preliminary financial results indicate a loss of about $12 million on gross revenue of $1.5 billion in the year ended Dec. 31, 1998.

The restructuring of the GeoLogistics Americas unit is expected to improve each division’s focus on core customers. Surface transportation and cartage operations will also be reconfigured to improve pricing, purchasing and utilization, the company said.

Roger Payton, the company’s chief executive officer, said Terence Smith will join the parent company as chief operating officer and president of GeoLogistics Americas.

In other appointments, Kenneth Leddon will be president of the domestic division and Malcolm Heath will oversee the international division.

GeoLogistics was formed through the acquisition and integration of Bekins Co., the LEP Cos., Matrix International and Caribbean Air Services.