Eastman Chemical Co announced it has acquired G-Log's interest in ShipChem Inc, a global provider of comprehensive management services for shipping and logistics for chemical and plastics industries. Terms of the transaction were not disclosed.
ShipChem was launched by Eastman Chemical in February 2000 to address the high cost of transporting raw materials and hazardous materials in the chemical industry through the combination of Internet technology, optimization software, and advanced domain expertise.
"Our increased level of investment demonstrates our confidence in ShipChem's global leadership position in the chemical and plastics industries and in its ability to deliver comprehensive logistics solutions that no one else can offer," said Earnest W Deavenport Jr, Eastman chairman and chief executive officer.
ShipChem CEO Mark A Kaiser noted that the company has made tremendous progress since its founding, adding, "We have located our headquarters in Atlanta, put together a strong senior management team, attracted world-class business alliances and are now actively processing millions of dollars of shipments through the Internet-based ShipChem service."
Kaiser said ShipChem will continue as a licensee of G-Log's logistics software and that the G-Log software will continue to be a component of the ShipChem offering.
"ShipChem has built a market-leading Internet-based logistics service in partnership with G-Log and our Global Enterprise Transportation (GET) platform," said Mitch Weseley, CEO of G-Log. "We look forward to an ongoing relationship in support of the global roll-out of ShipChem's e-logistics solution."