Holding company Action Products International Inc. on Wednesday announced its acquisition of North East Expedite Logistics, a provider of transportation and logistics services on the East Coast.
NEEL will operate as a wholly owned subsidiary of APII and the existing staff at NEEL will be retained, Action Products CEO Gary Polistena said in a statement.
He also said the company’s “first order of business” will be to move away from the traditional terminal and paper tracking system to fully cloud-based supply chain technology.
Even though APII is not focused directly on logistics, NEEL adds cash flow and improves APII’s balance sheet and financial position, Polistena said.
