Top 25 Third-Party Logistics Providers Extend Their Global

Reach
By: Thomas A. Foster and Richard Armstrong |

An elite group of just 25 3PLs increasingly dominate logistics

outsourcing around the world, and that is just how their customers
like it. This closed club promises to become even more exclusive in
the years ahead as acquisitions concentrate the power among fewer
but larger 3PLs.
With international trade mushrooming and supply chains expanding around the
world, third-party logistics providers have taken on an increasingly important role for
multinational manufacturers and retailers. Manufacturers need absolutely reliable
sources of supply. Retailers need flexible links to suppliers with low-cost production.
These suppliers are often in remote regions. At the same time, retailers need rapid
delivery channels for an ever-expanding distribution network of consumers.
Simultaneously, burgeoning prosperity and intensifying competition for new markets
is putting more and more pressure on supply-chain managers to get the job done
and find competitive advantage.

Increasingly, the linchpin for successful worldwide supply chains is a core group of
global 3PLs that can provide the expertise, reach, reliability and flexibility that
multinational corporations need. These global 3PLs provide transportation,
consolidation, forwarding and customs brokerage, warehousing, fulfillment,
distribution and virtually any logistics and trade-related services that their
international customers need.

About 100 3PLs now control almost a third of an estimated $270bn that is spent on
outsourced value-added logistics services each year around the world. Within this
group of global 3PLs, an elite group of 25 companies account for about one-third of
all global 3PL activity. Their annual revenues exceed $79.5bn, and in 2004, these
revenues will grow between six and eight percent - twice the world GDP rate.

Europeans Rule
Not surprisingly, the seven largest global 3PLs are all European-based companies.
The top seven companies on our list together earned more than $42bn last year,
which is more than all of the other 3PLs in the Top 25 combined. U.K.-based Exel
holds the top spot on the list with revenues of $8.3bn. The number two and three
spots go to Swiss-based Kuehne & Nagel and German-based Schenker, respectively.
These two companies, along with Panalpina and DHL's Danzas Air & Ocean
operations, have been leading forwarders and transportation management 3PLs in
Europe for decades.

History, empire and exports helped create the large European 3PLs. To illustrate this,
we can compare revenues of the major players in their home countries. Less than
one-third of Exel's revenue is derived from business conducted in its British Isles
home base. Kuehne & Nagel derives 45 percent of its turnover in Europe but less
than 5 percent of it is within Switzerland. By comparison, 80 percent of UPS's
business is conducted in the United States.

European countries, which have always had significantly more cross-border traffic,
have relied more on outsourcing than Americans, especially since World War II.
Outsourcing rates in Europe are estimated by country to be 26 to 60 percent by
Peter Klaus in his "Die Top 100 Der Logistik." 3PL market penetration rates were
estimated at 12 percent for 2003 by Armstrong & Associates. German and Japanese
3PLs grew rapidly during the industrial growth of their countries' exporting
economies after World War II.

The importance of freight forwarding to supply-chain management is also a key

variable in choosing the largest global players. First, the revenues used throughout
this article are turnover (gross revenue). These revenues included purchased
transportation, a major expense for most of the 3PLs on our list. Second, global
supply chains rely heavily on freight forwarding activities for their construction. Most
of the key events in any international supply chain are controlled by the freight
forwarder. The services that global 3PLs provide frequently include:

Air Freight Forwarding (door to door)

Ocean Freight Forwarding (door to door)
Transportation Network Planning and Optimization
Transport Execution/Freight Bill Payment
Carrier Management
Merge in Transit
Security Systems and Control
Incoterm Control - shifting from Ex works (EXW) to delivered duty paid (DDP)
Letters of Credit/Negotiable Bills of Lading
Cargo Insurance
Consolidation/Deconsolidation/NVOCC Operations
Systemwide Track & Trace/Internet Supply Chain Visibility
Customs Brokerage and Licensing - Imports/Export/AMS/C-PAT
Duty Drawback
Value-Added Warehousing, Inventory Control and Supplier Management

Over the last few years nearly every company in Europe has been able to take some
advantage of the free movement of goods across borders. This shift has been good
for the large European 3PLs, but cultural differences still prevent centralization of
operations at U.S. levels. Most 3PL operations in Europe still have to be designed on
a country-by-country basis to be effective.

U.S, Asian 3PLs to Expand

Only three of the companies on the Top 25 list are Asian-based, which reflects
slower adoption of third-party logistics in that part of the world. Japan especially has
been an enigma. Most major Japanese companies are still hesitant to outsource
more than basic transportation to 3PLs. The slowdown in the Japanese economy and
pace of change for traditional business practices reflects in the conservatism of
Japanese 3PLs. Companies like Yamato, Nippon Express and Kintetsu are leaders in
Japan and with Japanese companies all over the world, but they have been slow to
expand dramatically into non-Japanese connected western markets. NYK's new
direction is an exception to the rule. However, these companies are now making
aggressive efforts closer to home, in China. Singapore-based SembCorp Logistics, on
the other hand, has taken a progressive approach to becoming to global player.
SembCorp owns 20 percent of Kuehne & Nagel, and it is expanding rapidly in India
and China.

Leading the global 3PL expansion are UPS, FedEx and DHL. These multibillion-dollar
enterprises already service most of the world on package shipments and are
expanding their offerings to give similar results for less-than-container-load and
container-load shipments. UPS SCS and DHL/Danzas are tied to corporate parents
with large free cash flows to fuel expansion.

In the U.S., for the ninth consecutive year, growth in the 3PL services market
exceeded overall economic growth. Total 3PL turnover increased by 8.2 percent to
$76.9bn. Net revenues for FY 2003 grew by 6.1 percent to $32.9bn following 7
percent growth for FY 2002. Net income increased to 3.9 percent of net revenue
from 3 percent in FY 2002 and 1.7 percent in FY 2001.

Individual company results varied with select companies posting strong results. The
largest U.S.-based 3PL is UPS Supply Chain Solutions (SCS), which has reached
$4.1bn in turnover. UPS SCS was profitable in all four quarters of FY 2003. Standard
UPS operating efficiencies are apparently taking hold. Value-added transportation
manager C.H. Robinson continued to improve its best-in-class results by increasing
net revenue by 12.6 percent to $545m. Its net after-tax income margin increased to
20.9 percent. Turnover was $3.6bn. Net income was $114m.

International transportation manager, Expeditors International, maintained its

excellent operations. Net revenues were up 10.1 percent. Profitability continued at
high levels with net after-tax income margins of 16.2 percent.

Among value-added warehouse distribution providers (VAWD), Exel and UPS SCS
continue to be the major players and both had good growth and improved
profitability. Among mid-sized VAWD 3PLs, such as Kenco, Genco, Jacobson and
DSC, revenue growth exceeded 10 percent.

These mid-sized, privately held VAWD 3PLs are often very competitive and are
gaining business quickly. They all also increased their profitability. These companies
are improving their core warehousing offerings, adding more value-added options,
expanding their transportation offerings and improving integrated solutions. They
are not yet among the global players.

The trend overall is for more integrated, technical and velocity-driven solutions for
all 3PLs. Web-based inventory tracking and event management are necessities. In
recent research done by Armstrong & Associates on the VAWD segment, the most
requested value-added services were reverse logistics, vendor/inventory
management and customization/subassembly. With regard to transportation value-
adds, the major requirements are for international transportation/ customs
brokerage assistance, expanded IT/visibility and domestic transportation network
management. These value-added preferences reflect the global trends to overseas
outsourcing, longer supply chains and better information control.

The ranks of these global players will continue to concentrate in the near future.
Three important trends are driving this path to fewer and larger global 3PLs:

1. The world's largest manufacturers and retailers have solidly adopted the logistics
outsourcing concept, and they prefer to do business with other larger companies,
including their 3PLs.

2. While more and more manufacturing, sourcing and other supply chain activities
are happening in places like China, India, Latin America and other emerging
markets, required logistics capabilities often do not yet exist in these regions. The
Global 1000 companies operating in these markets want global logistics providers
that can expand operations wherever they are needed and move from region to
region as manufacturing sources change.

3. To quickly grow in size, capability and geographic reach, global 3PLs must expand
by acquisition. The big 3Pls that intend to be among the handful of truly global
players are under great pressure to eat or be eaten by their competition.

Bigger is Better
Global corporations increasingly want single points of contact for their outsourced
logistics. For example, a few years ago, General Motors formed Vector, a logistics
management company that it jointly owns with CNF Inc., the parent of Con-Way
Transportation, Menlo Worldwide and its subsidiary, Menlo Logistics. This so-called
4PL runs much of GM's supply chain in the U.S., but the actual logistics operations
have been subcontracted to other 3PLs, including TNT North America, Penske and
several others. The logistics subcontractors are doing the inbound materials
management, dedicated contract carriage, cross-docking and other logistics tasks,
but Vector is GM's one point of contact.

We are seeing this trend play out as the Global 1000 corporations send out their
requests for proposal for logistics services. Often only the very top players are being
asked to bid, and the bar for what constitutes a top player keeps rising. The smaller
players may be great companies, but they end up performing parts of the total
logistics contract as subcontractors. Large corporations are often looking for larger
3PLs with financial stability and wide geographic coverage.

This trend will increase as more companies become virtual manufacturers producing
nothing themselves. Cisco, for example, outsources its production operations except
for marketing, sales and high level management. Virtual companies use world-class
contract manufacturers like Solectron and Flextronics, but they also need the best
logistics capabilities to manage their extended supply chains. Increasingly, that
means using 3PLs.

In the automotive industry, large 3PLs dominate the market because they can offer
a combination of asset and non-asset capabilities. Penske, Ryder and TNT all have a
combination of supply-chain management, transportation execution management
and planning capabilities, as well as cross-docking and VAWD capabilities.
Automotive logistics 3PLs often provide assets for dedicated contract carriage milk
runs from suppliers to plants and value-added services on components just before
they are delivered to the production line. The financial muscle to afford these
capabilities only exists at a handful of 3PLs.

Expanding Coverage
Booming world trade has fostered longer and more complex supply chains, which in
turn has created a pressing need for better logistics in all corners of the world. In
China, where a few hundred factories manufacture a large portion of the world's
garments, consumer electronics and other products, the logistics infrastructure can
be quite primitive, especially as one moves inland. The major retailers and
manufacturers outsourcing to these factories are using their relationships with large
3PLs to control how their overseas vendors perform their logistics. A few large 3PLs
under the control of the U.S. or European buyers handle the logistics from the
factories to the ultimate destination. Since these buyers are likely to change their
suppliers as cost savings dictate, the 3PLs must be able to manage the logistics
flows from any origin to any destination. The actual logistics operations needed
currently center on fairly simple operations such as transportation, consolidation and
forwarding, but information technology and logistics planning requirements are
growing rapidly more complex.

Growing prosperity in Southeast Asia is also building thriving consumer markets.

Large 3PLs in Europe, the U.S. and Japan want to ramp up their activities in this
region to position themselves for this coming wave. Both U.S. and European
operators are looking for local acquisitions to accelerate their capabilities. At least
one major U.S. 3PL will announce acquisitions in Asia later this year.

The globalization of 3PLs will spread around the world, although more slowly in
many areas where 3PLs have gained limited market entry. The modern outsourced
logistics model, where manufacturers and their 3PLs have become business partners
with shared authority and responsibility over entire supply chains, has yet to be
adopted in many regions. This model is the norm in the U.S., Western Europe,
Australia, Singapore, Hong Kong and some parts of Mexico and Brazil. Outside of
these areas 3PLs are still treated functionally: The 3PL is hired to perform one task
such as warehousing.

In many developing nations, the problem is a lack of infrastructure. For example, in

much of Latin America, warehouses are rudimentary. They often lack docks, material
handling equipment, and have no IT systems to manage inventory or provide
information sharing with carriers or customers. Even in highly advanced parts of the
world such as Japan, 3PLs still primarily perform functional roles.

As large corporations expand their businesses and their processes to all regions of
the world, the need for better logistics continues to transform 3PLs and forces them
to become supply-chain partners. In most cases, this transformation is accompanied
by acquisition.

Expanding the Footprint

The acquisition wave is building momentum again. The center of activity is in the
developed economies of Western Europe and the U.S. UPS SCS, Penske, Menlo and
C.H. Robinson have established footholds in Europe, mainly by acquiring well-
established companies in this region. These U.S. companies are now well positioned
to grow their European business on an even footing with the big local competitors.

On the other hand, European 3PLs continue to add to their capabilities in the U.S.,
which remains the largest and most attractive market. Last year Deutsche Post,
through its DHL subsidiary, acquired Airborne to expand its express business. In the
near future, we expect Deutsche Post or its competitor, Schenker, to add to
capabilities in the U.S. with acquisitions in warehousing, distribution and
transportation.

We are also likely to see other European players, and perhaps some Asian-based
3PLs acquire mid-sized U.S. 3PLs that have long been strong players in the VAWD
sector. Recent examples include the purchases of USCO by the Swiss-based Kuehne
& Nagel and Standard Warehouse by UTI. Companies like Kenco, based in
Chattanooga, and Chicago-based DSC receive inquiries continually. These 3PLs,
many of which are family owned or closely held, are reluctant to sell because
business is good and the owners enjoy what they're doing.

The attractiveness of the U.S. market is not the only reason foreign companies are
interested in U.S.-based 3PLs. European 3PLs are coming to the U.S. to make sure
that they are strong enough to compete against UPS, FedEx and other U.S.-based
logistics providers that are aggressively entering their home markets. It is market
positioning on a global scale.

Regardless of where a global 3PL is based, it is going to have to make acquisitions in

foreign markets to fill out its offerings, both in terms of capabilities and geographic
coverage. If the economy continues to recover worldwide, the acquisition pressure
will be intense.

Evolving Payment Models

Of course, the 3PL industry can only grow if it is profitable enough to attract
investment capital. At times the growth of segments of this industry has been
hampered by inability to make money. In the VAWD segment, large customers have
traditionally wanted to pay on cost-plus open-book arrangements. Margins were kept
low. In addition, under gain-sharing arrangements 3PLs have often been unable to
collect their full shares. In the transportation management sector those who operate
on transactional freight bill models have had a particularly difficult time making
money.

On the other hand, 3PLs that take full responsibility for all transportation services do
much better. These transportation-oriented 3PLs can leverage the volume and
freight flows of multiple customers to obtain better rates than any one customer
could negotiate. A good portion of these savings goes to the 3PL's bottom line. Good
examples of transportation-oriented 3PLs that understand how to make money are
C.H. Robinson, Expeditors and Landstar. These profitable companies control the
transportation spend. They are not interested in having accounts where they simply
provide transportation management and clerical functions on a cost-plus basis.

Conclusion
There will be winners and losers in the global 3PL race. The shakeout that is coming
parallels what happened in the U.S. during the 1980s after transportation
deregulation. Then, a small group of carriers grew rapidly by out-performing the
competition. They won market share. Other primarily higher cost companies either
went out of business, or retreated to small, defensible niches. In today's 3PL
market, there will be a small group of big operators with global reach and
international skills that will dominate worldwide logistics. They will have to grow fast
enough to service the largest customers and to avoid being commoditized by those
customers. At the other end of the market, there will also be niche players that will
often end up working for the global 3PLs. There will be limited room for mid-sized
generalists.

Only time will tell who the winners and losers will be. For now, we present a
comprehensive analysis of the 25 3PLs that are leading in the global race. This
selection has been made on turnover, current coverage, breadth of skills and parent
company gravitas.

Top 25 3PLs
1. Exel plc Berkshire, UK, London: EXL
Exel Americas Westerville, OH, 800-272-1052,
Brice Edwards, CEO
www.exel.com
3PL Revenue: 8.3bn Parent Revenue: 8.3bn

Coverage: Global (Service to over 95% of World

 GDP)

3PL Assets: 74,000 employees; 300 warehouses;

5923 tractors, 7544 trailers

Information Systems: Very good; TMS - i2,

RedPrairie, G-Log; WMS - Irista, Topex, Insight,
RedPrairie

Services: Warehousing and distribution (contract

logistics), air and ocean freight forwarding, supply-
chain consulting, customs brokerage, transportation
management, returns management, home delivery

Industry Focus: Consumer goods, retail,

computers and electronics, automotive, chemical,
healthcare.

Key Customers: Adolph Coors Co., Apple Computer,

BP, Compaq, Daewoo, Ford Motor Co., Hewlett-
Packard, Home Depot, Honda, Intel, International
Paper, Kodak, Maxtor, Miller Brewing, Mitsubishi
Corp., Motorola, Nissan, Owens Corning, Pepsi
Americas, PPG, Procter & Gamble, SC Johnson,
Shell, Sony, Sun Microsystems, Unilever Bestfoods,
Wal-Mart, Xerox

Armstrong & Associates' Evaluation: Exel is the

world's largest 3PL. It was made from two British
companies meant to be merged together. Exel's
contract logistics and MSAS freight forwarding have
complemented each other well. Cross-selling and
supply-chain opportunities are abundant. Exel has a
host of solid operations with varied functionality
around the globe. Coverage is provided for all major
verticals. Revenues are evenly divided between
transportation management and contract logistics
operations. MSAS continues as one of the largest
airfreight forwarders. CEO John Allen has promised
to improve margins. This will be an ongoing
challenge because two-thirds of Exel's contract
logistics operations are open book. As part of the
effort, Exel is emphasizing supply-chain/lead
logistics provider services with more value-adds and
better margins.

2. Kuehne & Nagel International Schindellegi,

Switzerland, SWX: KNIN
Kuehne & Nagel Logistics, Inc. Dan DeSoto,
Managing Director, 201-413-5500
www.kuehne-nagel.com
3PL Revenue: 6.9bn Parent Revenue: 6.9bn
 Coverage: Global (Service to over 85% of World
GDP)

3PL Assets: 19,000 employees; 50 warehouses

Information Systems: Very good; TMS - CIEL

4000, KN Road, i2; WMS - EXCEED

Services: Ocean and airfreight forwarding, value-

added warehousing and distribution, transportation
management, customs brokerage, supply-chain
management

Industry Focus: Automotive, industrial, healthcare,

high-tech, retail/consumer products

Key Customers: Dupont, Nortel, Siemens,

Memorex, Harman, Dana

Armstrong & Associates' Evaluation: Kuehne &

Nagel is a well-run, transparent Swiss company with
consistently good financial results. It is the world's
largest ocean freight forwarder, handling over
900,000 TEUs per year. It is also one of the top five
airfreight carriers. Kuehne & Nagel has ISO 9001
certification for all of its company locations. Recent
acquisitions were designed to broaden contract
logistics capabilities. These acquisitions give Kuehne
& Nagel much better North American and Asian
coverage, although they have yet to add to profits.
Primary contract logistics emphasis is on
pharmaceuticals and high-tech.

3. Schenker Assen, Germany; (U.S.) Freeport, NY,

516-377-3000
Patrick Moebel, CEO
www.schenkerusa.com
3PL Revenue: 6.4bn Parent Revenue: 19.5bn

Coverage: Europe, Asia, South America, Africa,

North America

3PL Assets: 36,000 employees; 405 warehouses

Information Systems: Good; TMS - SWORD,

Procars, ILS; WMS - HTS, SAP, SoLiNET

Services: Air and ocean freight forwarding, customs

brokerage, warehousing and distribution,
transportation management
 Industry Focus: Automotive, computers and
electronics, consumer goods, healthcare

Key Customers: BMW, DaimlerChrysler, Subaru,

IBM, Intel, Procter & Gamble

Armstrong & Associates' Evaluation: Schenker is

a German industry giant with logistics management
capabilities. Schenker is part of Stinnes Logistics, a
large German conglomerate (over $11bn in sales)
involved in oil trading, raw materials, steel and other
operations. The German Railway purchased
Stinnes/Schenker in 2002. Schenker is a key
transportation and distribution company in Europe
but not a major player in the United States. In the
fall of 1998, Schenker re-designed its operations to
create Schenker Logistics. Schenker Logistics has
moved slowly in making acquisitions in the United
States where operations continue to be limited. The
corporate preference is to build shared networks
globally. Most recent purchases have been made in
Scandinavia, France and Poland, strengthening
overall European operations.

4. DHL Danzas Air & Ocean Basel, Switzerland,

Deutsche Post World Net
(U.S.) Newark, NJ, 973-639-1989, Hans Toggweiler,
President & CEO
www.us.danzas.com
3PL Revenue: 5.7bn Parent Revenue: 49.7bn

Coverage: Global (Service to 99% of World GDP)

3PL Assets: 13,000 employees

Information Systems: Good; TMS - LOGIS,

proprietary; WMS - ELIS

Services: Air and ocean freight forwarding, customs

brokerage, transportation management,
warehousing and distribution, supply-chain
consulting

Industry Focus: Electronics, automotive, consumer

products, chemicals, industrial

Key Customers: Caterpillar, John Deere, Gatorade,

Rodenstock Lens, Bell & Howell, Cole Vision, Xerox,
Satis Vacuum, IBM

Armstrong & Associates' Evaluation: Logistics

activities account for 15% of the revenues of
 Deutsche Post World Net. DHL does two billion
dollars in revenue from contract logistics, primarily
in Europe. Operations in the U.S. are mainly in
freight forwarding but are expanding with the
acquisition of Airborne Logistics. Airborne's strength
is value-added warehousing and distribution for
high-value products and parts. Asian presence is the
result of decades of experience and positioning by
DHL, Danzas and AEI before acquisition. DHL Danzas
is a strong brand in Asia and number one in several
markets.

5. P&O Nedlloyd Rotterdam, Netherlands Euronext:

Nedlloyd (Royal P&O Nedlloyd N.V.);
P&O Nedlloyd Ltd. East Rutherford, NJ, 201-896-
6200, Michael J. White, CEO
www.ponl.com
3PL Revenue: 4.8bn Parent Revenue: 4.8bn

Coverage: Europe, Asia, United States

3PL Assets: 10,000 employees; 166 Vessels, 1,000

containers, 2,000 trucks, 6,700 trailers

Information Systems: Good; TMS - LOG-NET

Services: Warehousing and distribution, ocean

shipping, supply-chain consulting, customs
brokerage, port services

Industry Focus/Key Customers: Retail, fast moving

consumer goods, industrial, chemicals

Armstrong & Associates' Evaluation: P&O Nedlloyd is

a major container line that operates mixed
transportation and logistics operations in Europe. Its
logistics operations are primarily an extension of its
container business. U.S. operations are centered on
retail consolidation-deconsolidation business,
particularly involving garment-on-hangers. P&O
Nedlloyd's logistics division, Gilbert, has been a
major player in this business for decades. P&O
Nedlloyd returned to profitability last year.

6. TPG/TNT Hoolddorp, Netherlands, TPG NV

TNT Logistics North America Jacksonville, FL,
888-LOGISTX, David Kulik, CEO
www.tntlogistics.us
3PL Revenue: 4.7bn Parent Revenue: 14.8bn

Coverage: Europe, Americas, Asia

 3PL Assets: 40,000 employees; 357 warehouses

Information Systems: Very good; TMS - Vector

21, Reply; WMS - J.D.Edwards, MA, LIS, Reply,
MARC

Services: Manufacturing support and subassembly,

transportation management, supply-chain
consulting, dedicated contract carriage, warehousing
and distribution, returns management

Industry Focus: Automotive, electronics, rail, tire,

consumer goods, utilities, heavy machinery

Key Customers: Andersen Corp., BMW, Compaq,

CSX, DaimlerChrysler, Fiat, Ford, General Motors,
Goodyear, Home Depot, CSX, Sears, Honda, NACCO
Materials Handling Group

Armstrong & Associates' Evaluation: TNT is the

world's largest automotive logistics 3PL. It is a
master of value-added warehousing and
manufacturing support. Expansion of its services in
Asia and standardization of operating procedures,
including IT, are on the front burner. Logistics and
express divisions are being trained to work as one.
Expect TNT to acquire a freight forwarder to
complement its express/logistics offering and keep it
competitive with UPS, FedEx and DHL. Parent TPG
generates large free cash flows.

7. Panalpina Basel, Switzerland; (U.S.) Foster City,

CA, 650-653-6600, David Beatson, Regional CEO
www.panalpina.com
3PL Revenue: 4.6bn Parent Revenue: 4.6bn

Coverage: Europe, Asia, Americas, Africa

3PL Assets: 12,000 employees; 300 warehouses

Information Systems: Good; Emphasis is on

internet-native SCM

Services: Air and ocean freight forwarding,

transportation management, warehousing and
distribution, oil and gas services

Industry Focus: Automotive, computers and

electronics, oil and gas, consumer goods, beverages,
apparel, healthcare
 Key Customers: Chevron, Delphi, Hewlett Packard,
IBM, Philips Electronics, Robert Bosch, Shell
Chemical, Sun Microsystems

Armstrong & Associates' Evaluation: Panalpina is

a highly respected freight forwarder. Airfreight
operations are its main product, but it is a
competent ocean forwarder. Panalpina has good 3PL
skills and project logistics. Panalpina is fiscally
conservative and profitable. Financial activity is
transparent. Quality of coverage is uniform. Primary
ownership of Panalpina is by the Ernst Goehner
foundation. This relationship complicates Panalpina's
acquisition attractiveness.

8. UPS Supply Chain Solutions Atlanta, GA, NYSE:

UPS, (United Parcel Service)
Bob Stoffel, President, Joseph Pyne, Senior Vice
President, 866-822-5336
www.UPS-SCS.com
3PL Revenue: 4.1bn Parent Revenue: 33.5bn

Coverage: Global (Service to 99% of World GDP)

3PL Assets: 22,000 employees; 550 warehouses;

1100 tractors, 2425 trailers

Information Systems: Excellent; TMS - i2,

Roadnet; WMS - operates all major systems

Services: Air and ocean freight forwarding, customs

brokerage, transportation management,
warehousing and distribution, supply-chain
consulting, dedicated contract carriage, trade finance
and insurance, equipment leasing, mail services

Industry Focus: Computers and electronics,

telecommunications, healthcare, automotive, retail,
consumer goods

Key Customers: Alcatel, Birkenstock, Cisco,

Daimler/Chrysler, Dell, Fabricut, General Motors,
Honeywell, Lucent Technologies, Nike, Siemens,
Therasense

Armstrong & Associates' Evaluation: UPS SCS

has become the largest North American-based 3PL.
It had its first profitable year in 2003 and is now an
integral part of the total UPS global offering. UPS
SCS is improving operations in all areas. Revenues
are evenly divided between U.S. and international
operations. Having a financial and operational
 powerhouse as a parent is a tremendous plus. UPS
has generated over $2 billion in free cash flow each
of the last two years. UPS SCS is likely to make a
significant purchase if it can make the right deal.
UPS SCS, like its parent, has important mid-market
strength.

9. Nippon Express Tokyo, Japan, Tokyo: 9062

Nippon Express U.S.A., Inc. New York, NY, 212-
758-6100
Tadaaki Hashimoto, President & CEO
www.nipponexpress.com
3PL Revenue: 4bn* Parent Revenue: 13bn

Coverage: Global (except Africa)

3PL Assets: 15,000 logistics employees; 1,450

service centers and warehouses

Information Systems: Good; TMS -NEWINS; WMS

- NEWINS, Rewards

Services: Air and ocean freight forwarding,

warehousing and distribution, transportation
management, supply-chain consulting, customs
brokerage

Industry Focus: Automotive, healthcare,

computers and electronics, industrial

Key Customers: Apple Computer, Baxter

Healthcare, DaimlerChrysler, Honda, IBM, Mitsubishi,
Toyota

Armstrong & Associates' Evaluation: Nippon

Express is a large, capable freight forwarder with
solid procedures and systems for handling global
transportation. Nippon provides FedEx's pickup and
delivery in Japan where it is a major transportation
operator. Revenues and employees shown are
worldwide numbers. 47,000 employees are in Japan.
Nippon is now moving aggressively in China.
However, like many companies in Japan, it has been
slowed by the weakness of Japan's economy over
the last few years and its inability to develop a
broader, less Japanese-centric identity.

10. C.H. Robinson Worldwide Eden Prairie, MN;

Nasdaq: CHRW
John Wiehoff, CEO, 952-937-8500
www.chrobinson.com
 3PL Revenue: 3.6bn Parent Revenue: 3.6bn

Coverage: North America, Europe, Brazil

3PL Assets: 4,100 employees; 100 warehouses and

cross-dock affiliates

Information Systems: Very Good; TMS - Express;

WMS - High Jump

Services: Freight brokerage, air and ocean freight

forwarding, transportation management,
warehousing, print logistics

Industry Focus: Technology, food and beverage,

retail, paper products and printed materials,
agriculture, consumer goods

Key Customers: AOL, Wal-Mart, International

Paper, Best Buy, Dana Corp, Clorox, Anheuser-Busch

Armstrong & Associates' Evaluation: CHRL has a

flexible, flat organization, and most operating
decisions are made on a local level. It has been a
very profitable operation for a long time. CHRL has a
talented top management team. Robinson's core
business is as a multi-faceted 3PL and freight broker
providing North American trucking and intermodal
services. Nearly 60% of revenues are food and
beverage related. It designs unique, efficient
consumer response and supply chain management
processes. CHRL's software has been redesigned to
emphasize a detailed order management system
linked to transportation execution. Robinson's LTL
transportation website approach provides a
significant consolidation and cost saving
methodology. About 12,000 shipments per day are
handled through Robinson's website. Most of
Robinson's warehouse space is leased or involves the
use of subcontractors.

11. Menlo Worldwide Redwood City, CA

John Williford, President & CEO; NYSE: CNF, 650-
596-4000
www.menloworldwide.com
3PL Revenue: 3.1b Parent Revenue: 5.6bn

Coverage: Americas, Asia, Europe

3PL Assets: 16,500 employees; 125 warehouses;

180 tractors, 900 trailers
 Information Systems: Excellent; TMS -TTMS, LMS;
WMS - WMS (Provia-modified)

Services: Transportation management, warehousing

and distribution, airfreight forwarding, customs
brokerage, supply-chain consulting, returns
management and expedited

Industry Focus: Computers and electronics,

chemicals, retail, beverage

Key Customers: IBM, Hewlett-Packard, NCR, Nike,

Electrolux, Dow Chemical, AT&T, Sears, Stanley
Works, Dr. Pepper/Seven-Up, HALO Branded
Products, Ricoh Family Group, Takata, Nortel
Networks

Armstrong & Associates' Evaluation: Menlo is

one of the leading U.S.-based logistics companies. It
has solid inbound supply-chain management and
good finished goods distribution management. Its
LMS solution makes it a good transportation and
supply-chain manager. Interfaces to SAP have been
made at HP and other companies. A firm toehold has
been established in European logistics. Menlo
Worldwide (Emery) Logistics' freight forwarding
company adds a host of customers and forwarding,
particularly of airfreight. It continues to operate in
the red, however, negatively affecting overall CNF
results. Vector SCM, its successful joint venture with
GM and lead logistics IT, now has revenues of $18m
per year.

12. NYK Logistics Tokyo, Japan; Tokyo: 9101; (U.S.)

Secaucus, NJ
Saburo Yamagata, CEO & President
www.nyklogistics.com
3PL Revenue: 3bn Parent Revenue: 10.4bn

Coverage: Japan, China, Southeast Asia, Americas,

Europe

3PL Assets: 11,000 employees; 50 warehouses;

350 vehicles (Europe)

Information Systems: Good; TMS - Via View

(Provia Cargo Information System); WMS - Provia,
SCM visibility

Services: Freight forwarding, customs brokerage,

intermodal transportation, value-added warehousing
 Industry Focus: Food and beverage, retail,
consumer goods, automotive, high-tech

Key Customers: Cadbury, Clark Shoes, Casio,

Johnson & Johnson, Isuzu, Johnson Controls,
Spontex, UK Paper, Hitachi, Sony, Yamaha, TESCO

Armstrong & Associates' Evaluation: NYK

Logistics is a new company (2001) put together by
adding New Wave (consumer and retail), UCI
(manufacturing and retail) and GST (intermodal) to
existing warehousing and airfreight-based
operations. Value-added contract warehousing and
distribution is strong in Europe. North American
emphasis has been on transportation management,
intermodal and export-import. NYK Logistics
emphasis is different than other ocean liner-based
3PLs. NYK has more automotive and industrial
business in addition to its retail emphasis. Roll-
on/roll-off automotive operations, JIT and parts
distribution are part of standard operations.

13. Expeditors International of Washington Seattle,

WA; Nasdaq: EXPD
Peter Rose, CEO & Chairman, 206-674-3400
www.expeditors.com
3PL Revenue: 2.6bn Parent Revenue: 2.6bn

Coverage: Asia, Americas, Europe

3PL Assets: 8,000 employees; 149 warehouses

Information Systems: Good; TMS - Tradeflow,

SNEP, Exp.0

Services: Airfreight forwarding, customs brokerage,

transportation management, warehousing and
distribution, supply-chain consulting

Industry Focus: Automotive, electronics, retail,

chemicals, healthcare

Key Customers: Ace Hardware, Costco, Ford,

General Motors, Motorola, Toyota, Trane

Armstrong & Associates' Evaluation: Expeditors

is a very profitable freight forwarder with a strong
base in China and Asia. It is run by the most
entertaining logistics CEO, Peter Rose, who is candid
and satirical. As evidence that he has his head
screwed on straight, Rose never lost sight as a
freight forwarder on turning good margins on
 purchased transportation. Operational quality is
highly valued and Rose has surrounded himself with
a good team. Expeditors is tied into an organic
growth strategy that may not be sustainable over
the long haul, but works well now.

14. Penske Logistics Reading, PA

Vince Hartnett, President, 610-775-8285
www.penskelogistics.com
3PL Revenue: 2.5bn* Parent Revenue: 3.6bn

Coverage: North America, Europe, Brazil

3PL Assets: 9,700 employees; 134 warehouses;

3190 tractors, 6723 trailers

Information Systems: Very Good; TMS - LMS, i2,

proprietary; WMS - EXE, RT Systems, MARC,
proprietary

Services: Dedicated contract carriage,

transportation management, supply-chain
consulting, warehousing and distribution, equipment
leasing

Industry Focus: Automotive, retail, food,

appliances, utilities

Key Customers: Whirlpool Corp., Mission Foods,

Ford Motor Co., Iams, Carrefour, International Truck
and Engine, Panasonic, Amcor Sunclipse

Armstrong & Associates' Evaluation: Penske

Logistics' strongest operations are related to the
automotive industry. These operations constitute
about 50% of Penske Logistics' business. Penske
often functions as a lead logistics provider. Dedicated
contract carriage is a strength as is its transportation
routing center. Penske is a beta test site for new i2
innovations. Penske has done well at implementing
business expansion plans. Penske's successes with
Saturn and Ford show the muscle of its marketing
and automotive logistics abilities. Penske's European
operations include 11 supply-chain customers,
warehousing, cross-docking and trucking. The
operation is headquartered in Roosendaal. Brazilian
operations involve eight customers in Sao Paulo and
Vitoria. Penske's Europe TMS center is based in
Maastricht. Penske will add significant new
operations in Asia this year. 79% of Penske is owned
by GE Capital.
15. Eagle Global Logistics Houston, TX; Nasdaq:
EAGL,
Jim Crane, President & CEO, 800-888-4949
www.eaglegl.com
3PL Revenue: 2.2bn Parent Revenue: 2.2bn

Coverage: Asia, United States, Europe

3PL Assets: 8,000 employees; 87 warehouses, 400

service centers

Information Systems: Good; TMS - proprietary;

WMS - proprietary

Services: Air and ocean freight forwarding,

transportation management, warehousing and
distribution, customs brokerage, expedited, project
management

Industry Focus: Automotive, aerospace, trade

shows, telecommunications, computers and
electronics, pharmaceuticals, printed materials, oil
and gas, apparel and entertainment equipment

Key Customers: Amdahl, Neiman Marcus, Visteon

Corp., U.S. Military Traffic Management Command

Armstrong & Associates' Evaluation: Eagle has

returned to profitability after taking three years to
absorb Circle International's international freight
forwarding operations. During the same period,
Eagle has adjusted to the changing U.S. market by
putting more time-definite freight on trucks. Major
verticals for Eagle are manufacturing/telecom, high-
tech, aerospace and fashion/retail.

16. BAX Global Irvine, CA; NYSE: BCO (The Brink's

Company)
Joseph L. Carnes, President, 404-768-2003
www.baxglobal.com
3PL Revenue: 2bn Parent Revenue: 4bn

Coverage: Asia, North America, United Kingdom

3PL Assets: 10,000 employees; 48 warehouses; 35

aircraft

Information Systems: Very good; TMS - CAPS, i2;

WMS - EXE, Ultramain

Services: Airfreight forwarding, transportation

 management, warehousing and distribution, supply-
chain consulting, freight payment and auditing,
customs brokerage

Industry Focus: Computers and electronics,

automotive, aerospace, airlines, healthcare, retail

Key Customers: NEC, GE Medical Systems, Epson,

Boeing, Airbus, Bombardier, Microsoft, Philips
Consumer Electronics, Subaru

Armstrong & Associates' Evaluation: BAX is a

heavy airfreight, time-definite provider that
continues to place more of its emphasis on logistics.
Customers indicate a preference for the time-definite
approach and are little concerned about what kind of
vehicle their shipments move on. BAX has reduced
the number of its aircraft to 20. BAX Logistics
operates cross-dock and other transportation value-
added warehousing to buttress transportation
management. BAX's change of direction has
returned the company to profitability while
increasing revenues.

17. Ryder Miami, FL; NYSE: R

Gregory Swienton President & CEO, 305-500-3726
www.ryder.com
3PL Revenue: 1.9bn Parent Revenue: 4.8bn

Coverage: North America

3PL Assets: 16,500 employees; 184 warehouses;

48,800 tractors, 44,800 trailers

Information Systems: Good; TMS - Dedicated

Systems, i2, JIT, Capstar; WMS - V3, PkMS

Services: Supply chain consulting, transportation

management, warehousing and distribution,
dedicated contract carriage, air and ocean freight
forwarding, equipment leasing, returns
management, freight payment and auditing,
insurance

Industry Focus: Automotive, aerospace, industrial,

telecommunications, computers and electronics, food
and beverage, pharmaceuticals, building materials,
utilities, consumer products and retail, newspaper
distribution

Key Customers: General Motors, Philips Consumer

Electronics, DaimlerChrysler, Applied Materials,
 Cadburry Schweppes, Visteon Corp.

Armstrong & Associates' Evaluation: Ryder has

the most recognized brand name in North American
logistics. For two decades Ryder has been one of the
largest U.S. providers of dedicated contract carriage,
often converting leasing customers to expanded
service. Ryder's dedicated operations average 15
trucks each and it is a particularly good choice for
small, stand-alone replacements. In recent years,
Ryder has expanded its inbound supply chain
management and distribution management
capabilities. Greg Swienton's team has forced Ryder
SCS into the black. Ryder's established position
across many verticals in North America makes it an
attractive takeover candidate.

18. Schneider Logistics Green Bay, WI

Tom Escott, President, 800-525-9358
www.schneiderlogistics.com
3PL Revenue: 1.9bn* Parent Revenue: 2.4bn

Coverage: North America, Europe

3PL Assets: 1,400 employees; 8,750 tractors,

17,450 trailers

Information Systems: Excellent; TMS - SUMIT

Services: Transportation management, supply-chain

consulting, dedicated contract carriage, freight
payment and auditing

Industry Focus: Consumer products and retail,

automotive, heavy equipment, computers and
electronics, food and beverage, chemicals,
healthcare, paper

Key Customers: Anheuser Busch, Baxter

Healthcare, CHN Corp., DaimlerChrysler, Dow
Chemical, Fort James, General Motors, Guardian
Glass, Honda, Kimberly-Clark, Kroger, Nabisco,
Ocean Spray, 3M, Thomson Multimedia, TRW, World
Kitchen

Armstrong & Associates' Evaluation: Schneider

Logistics (SLI) is a premier automotive logistics
transportation management company. It has built a
multi-client network for automotive parts
distribution. In the 1990s, Schneider developed the
SUMIT suite of transportation management, logistics
and supply chain execution applications. SUMIT
 optimizes consolidation, carrier selection and routing
and is one of the best in the 3PL industry. SLI has a
large network of carriers in all modes of
transportation. Schneider is one of the largest
customers for FedEx Express. About 85% of this
business is from GMSPO which is a $40 million
account. 90% of Schneider's freight bill payment is
automatic. Including its freight bill payment service,
SLI has $7 billion in freight bill payments annually.

19. UTi Worldwide Rancho Dominguez, CA; Nasdaq:

UTIW
Roger MacFarlane, CEO, 310-604-3311
www.go2uti.com
3PL Revenue: 1.2bn Parent Revenue: 1.2bn

Coverage: Japan, China, Southeast Asia, Americas,

Europe

3PL Assets: 10,000 employees; 84 warehouses and

logistics centers; 350 tractors, 900 trailers

Information Systems: Good; TMS - eMpower;

WMS - eMpower

Services: Air and ocean freight forwarding, customs

brokerage, warehousing and distribution

Industry Focus: Chemicals, health and beauty

products, apparel, automotive, computers and
electronics

Key Customers: Dow Corning, General Motors,

Johnson Controls, Owens Corning, Sara Lee, Bristol
Meyers Squib

Armstrong & Associates' Evaluation: UTi is a

well-run, aggressive forwarder founded by three
South Africans in 1995. The trio were executives at a
leading competitor and had to leave to fulfill their
visions. However, Peter Thorrington, the very
capable COO, is in the process of retiring. He may be
hard to replace. UTi continues to have double-digit
growth while maintaining profitability. UTi's purchase
of Standard Corporation, a value-added warehousing
operation, has been a success while similar moves
by other forwarders have failed.

20. Caterpillar Logistics Morton, IL; NYSE: CAT,

(Caterpillar Inc.)
Steven Wunning, CEO, 800-240-2126
www.catlogistics.com
 3PL Revenue: 1bn* Parent Revenue: 22bn

Coverage: 160 countries

3PL Assets: 7,200 employees; 86 warehouses

Information Systems: Excellent; TMS - CAT TIS,

i2; WMS - CLSS, SAP Hybrid Solutions, Facility
Logistics

Services: Warehousing and distribution,

transportation management, logistics consulting

Industry Focus: Automotive, industrial, aerospace,

manufacturing, technology, consumer goods,
defense, energy

Key Customers: Ford Motor Co., Hyundai, Saab

USA, Delphi, United States Navy

Armstrong & Associates' Evaluation: Cat

Logistics has heavy U.S. and European operations
with a growing presence in South America and Asia,
distributing to more than 160 countries from over 50
facilities. Its scope reflects the parent's global reach
and dealer network. Business is split equally
between North America and the rest of the world.
Warehousing and manufacturing supply chain
software are completely integrated. Visibility is very
good. Demand and supply forecasting and material
planning is based on proprietary probability models.
Forecasting for low turnover items is particularly
good. Cat's warehouse operations are low-tech with
an emphasis on well-controlled operating
procedures. Caterpillar's transportation department
was merged into Cat Logistics in 2001, bringing with
it its transportation management capability. It limits
new customers to those with high-value durable
goods. Cat Logistics uses a combination of brokers
and forwarders for selected customs functions. A
major initiative involves automotive logistics for
China.

21. APL Logistics Oakland, CA

Singapore: NOL (Neptune Orient Lines Ltd.)
Hans Hickler, CEO; 800-331-4289
www.apllogistics.com
3PL Revenue: 990m Parent Revenue: 5.5bn

Coverage: Asia, North America, Europe

 3PL Assets: 4,500 employees; 155 warehouses; 95
tractors, 229 trailers

Information Systems: Excellent; TMS - i2,

proprietary; WMS - Irista, Manhattan, proprietary

Services: Ocean and airfreight forwarding,

warehousing and distribution, transportation
management, dedicated contract carriage, customs
brokerage

Industry Focus: Automotive, retail, consumer

goods, electronics and government

Key Customers: Panasonic, Turtle Wax, Thomson

Multimedia, Colgate-Palmolive, General Motors, Toto,
Nike, Baxter Healthcare, Philips Electronics, Procter
& Gamble, DaimlerChrysler, Ingersoll-Rand

Armstrong & Associates' Evaluation: APL

Logistics' strengths have been its Asian base and the
retail vertical. Its Singapore parent (NOL) has been
profitable over the years and patient with APL
Logistics' efforts to overcome its unprofitable GATX
acquisition. APL has good coverage in China and
throughout Southeast Asia. Its Asia-North America
supply-chain operations are solid and well staffed.
Consolidation/deconsolidation operations are good.
Value-added warehousing is getting less emphasis.

22. Wilson Logistics Group Goteborg, Sweden

(U.S.) Wilson Logistics U.S., Inc., Clark, NJ
Andreas Schaefer, CEO, 732-669-0505
www.wilsonlog.com
3PL Revenue: 860m Parent Revenue: 860m

Coverage: Europe, Asia, North America

3PL Assets: 2,200 employees; 10 warehouses

Information Systems: Good; TMS - Wilshipper;

WMS - Wildoc, Wiltrack

Services: Warehousing and distribution, air and

ocean freight forwarding, customs brokerage,
transportation management, supply-chain consulting

Industry Focus: Automotive, medical equipment,

sporting goods, electronic components and
telecommunications equipment

Key Customers: Volvo Trucks North America, Lego,

 Electrolux, Pirelli Cables, Royal Caribbean Cruise
Lines, United Nations World Food Program

Armstrong & Associates' Evaluation: Wilson is an

aggressive Swedish company with a nice mix of
contract logistics and freight forwarding skills.
Recent expansions have been in India, China,
Germany and Malaysia. It handles some perishables.
Wilson maintains its own software solutions, which
may have limits for very large global clients. Wilson's
size, mix of offerings and geographical range make it
an attractive takeover target.

23. FedEx Supply Chain Services Hudson, OH; NYSE:

FDX, (FedEx Corp.)
Douglas Witt, President & CEO, 800-222-7657
www.fedex.com
3PL Revenue: 603m Parent Revenue: 22.5bn

Coverage: Global (Service to 99% of World GDP)

3PL Assets: 2,000 employees; 35 warehouses; 298

tractors, 1094 trailers

Information Systems: Excellent; TMS - Optum:

SCE Transportation i2; WMS - EXCEED 4000

Services: Domestic and international transportation

management, customs brokerage and freight
forwarding, supply-chain consulting, warehousing
and distribution services

Industry Focus: Apparel, automotive, healthcare,

computers and electronics, industrial, retail

Key Customers: Philips Semiconductor, Ford Motor

Co., DirecTV, Mitsubishi, Hewlett Packard, GM
PowerTrain, DaimlerChrysler

Armstrong & Associates' Evaluation: FedEx

Supply Chain Services follows its parent's emphasis
on transportation and supply-chain solutions.
Preference in transportation is given to other FedEx
companies (FedEx Express, Ground, Custom Critical
and LTL carriers). Sister company FedEx Trade
Networks is a quality international transportation
manager. The 3PL revenue shown above is for FedEx
SCS and related non-expenses, non-package
businesses.

24. Maersk Logistics Copenhagen, Denmark;

Copenhagen: Maersk A / Maersk B (A. P. Moller-
 Maersk A/S)
Maersk Logistics USA Inc. Madison, NJ,
Tony Chiarello, President, 973-574-5000
www.maersk-logistics.com
3PL Revenue: 350m* Parent Revenue: 25bn

Coverage: Asia, Europe, North America

3PL Assets: 60,000 employees; 15 warehouses

Information Systems: Excellent; TMS -

proprietary; WMS - proprietary

Services: Ocean and airfreight forwarding,

warehousing and distribution, customs brokerage,
supply-chain consulting

Industry Focus: Consumer products, retail,

sporting goods, apparel and garments, cosmetics
and personal care, electronics

Key Customers: Adidas, Federated Stores, Footstar

Inc., Hudson's Bay Co., Ikea, Liz Claiborne, Nike,
Reebok, Target Corp., Home Depot, Wal-Mart

Armstrong & Associates' Evaluation: Maersk is

the world's leading container line. It is financially
strong, aggressive and successful. Its logistics arm
has emphasized low margin Asian retail traffic for
most of its history. It does not report its financial
results separately. Margins are then compared to its
parent. 55% of its business is warehousing and
distribution; 21% of revenue is from forwarding and
consolidation. Supply-chain management, airfreight
forwarding and customs brokerage account for the
rest of revenues. Revenues are 55% Asia to North
America, 30% Asia to Europe and 15% between
Europe and North America.

25. SembCorp Logistics Singapore; Singapore Stock

Exchange
SembCorp Logistics (USA) Inc. Inglewood, CA, K.
K. Chan, Sr. Vice President, Americas, 310-215-3725
www.semblog.com
3PL Revenue: 275m Parent Revenue: 275m

Coverage: Asia

3PL Assets: 2,700 employees; 101 warehouses

Information Systems: Good; TMS - Route Pro,

 Maxload; OMS - ELIMS

Services: Warehousing and distribution, air and

ocean shipping, supply-chain management,
dangerous goods management, offshore logistics

Industry Focus: Automotive, consumer goods,

computers and electronics, healthcare, oil, food and
groceries

Key Customers: Abbott Labs, Apple Computer,

Bridgestone, Firestone, Gillette Co., Exxon, Colgate-
Palmolive, Nestle, Pepsi

Armstrong & Associates' Evaluation: SembCorp

is one of Asia's largest and best run 3PLs. It is
solidly profitable and owns 20% of Swiss 3PL Kuehne
& Nagel. SembCorp is expanding rapidly in India and
China. It is profitable in both countries. SembCorp
has limited its U.S. operations in deference to
Kuehne & Nagel and USCO (now Kuehne & Nagel
Logistics).

*Most 2003 Revenue numbers are derived from public

records or company self-reporting. Where no such
information was available (companies with *), these
numbers are based on Armstrong & Associates' own
research. Where companies report their revenue in
Euros, a conversion rate of $1.25 per Euro has been
used.

Click here for a PDF of the Top 25 3PLs ranked by revenue.

Want more information about Global and Regional 3PLs? Contact Dick Armstrong at
800-525-3915 or dick@3PLogistics.com.
About Armstrong & Associates: Armstrong & Associates Inc. is a supply-chain
management consulting firm specializing in market research, mergers and
acquisitions and outsourcing. Armstrong & Associates publishes Who's Who In
Logistics? Armstrong's Guide to Global Supply Chain Management. Recent research
papers include Warehousing in the United States and Global Logistics Services
Providers II. In addition, Armstrong & Associates maintains databases of
warehousemen, freight forwarders and third-party logistics and distributing
companies. Armstrong & Associates, Inc., 100 Business Park Circle, Suite 202,
Stoughton, WI 53589; Ph: 608-873-8929; Fax: 608-873-5509;
Web: www.3PLogistics.com.