Vastera to acquire GE's internal U.S. Customs operation

By SiliconIndia   |   Thursday, 26 June 2003, 07:00 Hrs
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DULLES: Vastera Inc (Nasdaq:VAST) has announced that it will acquire GE's internal U.S. Customs Operation. This Customs Operation currently performs customs-related services for a number of GE's business units.

Vastera will integrate GE's U.S. Customs Operation into Vastera's Managed Services operation. Vastera intends to combine GE's existing technology and expertise with Vastera's TradeSphere software and trade process improvements to expand its current Managed Services offering. This acquisition immediately provides Vastera with increased expertise in the Chemical, Consumer Goods and Industrial verticals throughout the United States.

In addition to the acquisition of GE's U.S. Customs Operation, Vastera has entered into a Managed Service agreement to provide trade services to GE's Plastics, Specialty Materials, Supply, Consumer Products and Power Systems (NAFTA support) businesses. The Managed Service offerings to be provided in the United States include classification, NAFTA solicitation and qualification, import compliance, import management, broker management and supply chain visibility. In addition, the parties have agreed to potentially expand the use of Vastera's services to support GE businesses in China and other global locations.

Several GE businesses currently use Vastera's TradeSphere software products and will continue to use Vastera to support their export trade operations in the U.S. and Europe.

"We are pleased to partner with Vastera in the delivery of this critical GTM service and look forward to using their services in GE's global businesses," said JaneAnn Westpheling, General Manager of Global Business Services for the General Electric Company.

"We are extremely pleased to welcome the highly skilled members of GE's GBS Customs Operation to Vastera," said Mark Ferrer, President and CEO for Vastera, Inc. "In addition to the acquisition, we are excited to take our GTM services to the GE businesses now served by the current operation."

"The effective management of trade processes is a critical element for any successful global company," said Ferrer. "GE's existing operation and Vastera's managed services experience will be combined to deliver a model of GTM expertise, technology, and process integration to future Vastera customers."

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