Dulles, VA - (June 10, 2003) - Vastera, Inc. (Nasdaq: VAST), 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."