Gary Goldfein Named President of Pacer Stacktrain; Rail Transport Unit Also Retains Previous Management and Staff Following Acquisition

LAFAYETTE, Calif.--(BUSINESS WIRE)--June 1, 1999--Gary Goldfein, a 32-year veteran of the intermodal transportation industry, was named president and chief operating officer of Pacer Stacktrain, a newly acquired business of Pacer International, Inc. Pacer Stacktrain operates the largest double-stack rail system in North America for the distribution of containerized freight.

Pacer acquired the 50,000-mile stacktrain system last week for US$315 million from Neptune Orient Lines, Ltd. NOL is the parent of Oakland-based APL, which operated the system since 1984.

"The stacktrain operation will benefit from Gary Goldfein's long experience as a former customer of the business he now runs," said Donald C. Orris, chairman and chief executive officer of Pacer International. "It will also benefit from the continued leadership of two long-time stacktrain executives, Bob Papworth, now executive vice president of business development, and Dan Pendleton, now executive vice president of operations." They and the stacktrain unit's some 200 other managers and staff have transferred from APL to Pacer, he said.

Goldfein, most recently president of Pacer Logistics, a unit responsible for intermodal marketing, freight consolidation and other logistics activities, served from 1972 to 1997 as president and chief executive officer of Interstate Consolidation, Inc., a Los Angeles-based firm that tendered containerized freight to the stacktrain system. Interstate became part of the Pacer group in late 1997.

Goldfein said his key objectives for the stacktrain business are "to focus on the customer as 'number one'; to further improve service reliability by working closely with the railroads and trucking firms that provide the underlying transportation; and to expand the business and its profitability."

Pacer Stacktrain's management will also include Brian Kane, former director of financial reporting and analysis for Pacer International, who will serve as vice president and controller.

Pacer's 1998 combined revenues on a pro forma basis exceed $970 million.

Pacer International provides a broad range of intermodal, trucking, warehousing and other logistics services within North America on a retail basis, all available through a single organization. As a result of last week's transaction, Pacer also manages autonomously the industry's most extensive double-stack rail system, which it markets on a wholesale basis. Pacer International is headquartered in Lafayette, California, and Pacer Stacktrain is headquartered in Oakland, California.

ED. NOTE: Photo available from Potash & Company, tel. 510/261-1570.