Expeditors International of Washington (EXPD)

EXPD » Topics » espirit de corp

This excerpt taken from the EXPD 8-K filed Mar 22, 2006.
espirit de corp if you will, of the individuals employed at an organization. Inject a merger into this mix and you no doubt are adding a great deal of uncertainty and stress. This is not good for morale or execution. Even if you were able to eliminate the stress and uncertainty from the event, you are creating an environment where people who were competitors, perhaps vicious competitors as the competition is very keen in this business, are now thrust together and told to cooperate while the experts seek the promised merger synergies. That even the best merger possible generates opportunity for the uninvolved really goes without saying.


Customers also have reactions to merger activity. It is not uncommon for a shipper upon learning that “their” logistics company has been acquired, or is being acquired, by another logistics company, to hedge their bets by bringing in one new provider. They do this to ensure they have viable options should the “merger” begin to degrade service standards. As a result, freight which may have been “locked up” for years goes into play following a merger announcement. We try to be available for these potential customers.


All of the foregoing having been said, we can’t quantify anything and we’re not going to make predictions, nor are we going to telegraph potential customers where we think we might have opportunities. As always, we are looking forward to increasing our market share as mergers open up new opportunities that may have heretofore been unavailable to us.




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