NEW HARTFORD, NY--(BUSINESS WIRE)--Par Logistics Management Systems (Par LMS), a wholly owned subsidiary of PAR Technology Corp. (NYSE: PTC), announced that Hapag-Lloyd AG, a large German based shipping line, will equip their entire North American Fleet of powered generator sets with Par's GT 200 GPS Genset Tracking system. In the terms of the agreement, Hapag-Lloyd has contracted with Par LMS to install their technology on Hapag-Lloyd's entire fleet of 2,320 North American generator sets.
A genset (short for "generator set") is a self-contained and dedicated electrical generation system, which is mounted on a refrigerated container for the purpose of maintaining temperature throughout the logistics cycle. In North America, steam ship lines and lease companies own, operate, and maintain roughly 100,000 of these types of assets.
Par's GT 200 solution combines cellular, satellite, sensor, and internet technologies to track, trace, monitor, and manage intermodal generator sets and the refrigerated containers they power.
"Par Logistics Management Systems was selected after a very thorough, end to end study of the market, the technologies and the benefits that they manifest to our North American businesses," commented Petra Rogall, Branch Manager for Containers in Hapag-Lloyd. "Par LMS has proven to be the stable and innovative partner that Hapag-Lloyd desires to work with to improve our operations and services."
John W. Sammon III, President of Par Logistics Management Systems, stated, "Hapag-Lloyd is among the finest in the intermodal container shipping business and we are pleased to receive their generator set tracking business. We fully intend to work with Hapag-Lloyd for many years to come in building out their cold chain systems and solutions."
For more than 150 years, Hapag-Lloyd has linked continents, countries and cultures. The company focuses on global container liner shipping and operates about 320 sales offices in over 130 countries. The 133 Hapag-Lloyd containerships provide total capacity of approximately 499,000 TEU, and are deployed around the world. The acquisition of CP Ships in 2005 placed Hapag-Lloyd among the top five biggest shipping companies in the world and greatly expanded its fleet and network. In the first half of 2008, Hapag-Lloyd reported revenues of around €3 billion. In the same period, Hapag-Lloyd transported approximately 2.8 million TEU worldwide, an increase of 2 %.
About PAR Logistics Management Systems
PAR Logistics Management Systems designs, develops, sells, and supports advanced technology system solutions for the global transportations sector. With a direct focus on the entire network of cold chain transport, PAR LMS builds solutions that drive the industry's ability to safely and securely move perishable goods more efficiently. Founded in 1998 by providing best of breed tracking systems for the United States Department of Transportation PAR LMS has grown to become a leader in commercial asset tracking for road, rail, and shipping markets by providing integrated solutions for all types of vehicles.
About PAR Technology
PAR Technology Corp. creates and markets products that help hospitality operators around the world to better manage money, materials, people and the guest experience. PAR has provided hardware, software and services to the world's largest restaurant chains and their franchisees for almost 30 years. Today the company's extensive offering includes technology solutions for the full spectrum of hospitality operations, from boutique hotels and independent table service restaurants to international QSR chains, all backed by PAR's global service network. The company has over 50,000 installations in 105 countries worldwide. PAR is also a leader in providing computer-based system design and engineering services to the Department of Defense and Federal Government Agencies. PAR Technology Corporation's stock is traded on the New York Stock Exchange under the symbol PTC.