Trecora Resources Enters Into Multi-Year Managed Services Agreement with Odyssey Logistics & Technology
- Trecora will utilize Odyssey's full suite of data analytics and reporting to create transparency and performance enhancements
SUGAR LAND, Texas, Feb. 25, 2020 /PRNewswire/ -- Trecora Resources ("Trecora" or the "Company") (NYSE: TREC), a leading provider of specialty hydrocarbons and waxes, today announced it has signed a multi-year managed logistics service agreement with global logistics solutions provider, Odyssey Logistics & Technology Corporation (Odyssey).
Trecora initially entered into a supply chain consulting agreement with Odyssey to evaluate logistics costs in ISO tank shipments, liquid bulk truck and rail operations. This agreement provided benchmarking data on Trecora's operations, distribution network, infrastructure and offered key metrics such as total spend, vendor costs and productivity performance.
"Our supply chain engineers spent two months aligning with Trecora on its efforts to achieve continuous process improvements and cost savings," said Bob Shellman, president and CEO, Odyssey. "Through our technology and efficiency roadmap, Trecora will utilize a full suite of data analytics and reporting tools to create cost transparency and performance enhancements."
"Trecora manufactures high-purity specialty petrochemicals and synthetic waxes. The quality of our products and the integrity of our supply chain are critically important to our customers. Together with Odyssey, we aim to maintain our performance profile at a lower cost by seamlessly integrating Odyssey's technologies into our business without disruptions to service," said Patrick D. Quarles President, Chief Executive Officer and Director, Trecora. "We look forward to continuing our work together with Odyssey to drive further improvements and long-term value for Trecora, our customers and shareholders."
Trecora's principal business activities are the manufacturing of various specialty petrochemical products and synthetic waxes and the provision of custom processing services. It will leverage Odyssey's Managed Logistics Services to optimize all aspects of their transportation management strategy and execution. This includes Odyssey's vast supplier network and a team of supply chain engineers to drive cost savings, shipment visibility, insightful data reporting, continuous improvements and sustainability developments.
About Trecora Resources (TREC)
TREC owns and operates a specialty petrochemicals facility specializing in high purity hydrocarbons and other petrochemical manufacturing and a specialty wax facility, both located in Texas, and provides custom processing services at both facilities. Additionally, the company is the original developer and a 33.3% owner of Al Kobra Mining Company (AMAK), a Saudi Arabian joint-stock company.
About Odyssey Logistics & Technology Corporation (Odyssey)
Odyssey Logistics & Technology Corporation (Odyssey) is a global logistics solutions provider with a freight network exceeding $3B globally. Odyssey improves its customers' supply chain performance through a proprietary, predictive global technology platform, an international network of logistics engineering experts and specialized processes that drive quality, safety and sustainability. Its Door-To-Done® approach to complex global logistics helps ensure products are delivered through a safe, secure and environmentally responsible system. In addition to being certified by the American Chemistry Council as a Responsible Care® partner company, and a leader in Jones Act transportation, Odyssey offers a broad portfolio of services including intermodal, over-the-road trucking, warehousing, global forwarding, managed services and consulting. Serving multifaceted, intricate logistics needs, Odyssey operates in high-barrier-to-entry markets with specialized transportation services that include bulk truck, ISO Tank, railcar and tanker, as well as food-grade product lines. Odyssey also prioritizes giving back to the community by supporting various organizations including Project Outreach and Junior Achievement®. For more information on Odyssey, visit www.odysseylogistics.com.
Investor Relations Contact:
The Piacente Group, Inc.
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SOURCE Trecora Resources