coming from produce sales. Renaming and IPO The company renamed itself C.H. Robinson Worldwide, Inc., in 1997 and had an IPO that raised $190 million for the 101 employees who sold their shares. The initial market value totaled $743 million, and the firm began trading on NASDAQ under the symbol CHRW. Gross revenues for 1997 reached $1.79 billion, while net revenues amounted to $206 million, a 15.1% increase over the previous year. Acquisitions Beginning in 1989, C.H. Robinson began expanding its international logistics operations with the opening of its Monterrey, Mexico office. It acquired C.S. Greene International in 1992 to add international freight forwarding, air freight operations, and refrigerated containers. In 1993, C.H. Robinson bought a 30% stake in Transeco, a major French motor carrier, and eventually bought the entire company. C.H. Robinson enhanced its operations by purchasing companies including Daystar International, a distributor of fruit juice, and FoodSource. It also became an exclusive marketer for Tropicana, Motts, Glory and Welch’s. The company continued expanding its logistics services by purchasing regional logistics firms like the Chicago-based American Backhaulers, Inc., for $136 million in 1999. Also acquired the Minnesota-based Trans-Consolidated Inc. At the end of the 1990s, the company began making targeted acquisitions to broaden its global presence and position it to better deliver shipping and logistics services in international markets. These acquisitions include: Preferred Translocation Systems; the Argentina-based Comexter Group; the Western European transportation provider Norminter; New York-based Vertex Transportation Inc.; Smith Terminal International Services, one of the largest third-party logistics providers in Florida; the Germany-based international freight logistics provider Frank M. Viet GmbH Internationale Spedition; Dalian Decheng Shipping Agency Co.; FoodSource Procurement LLC; Apreo Logistics S.A.; and other major European, Indian, Chinese, and North American logistics providers. In 2012, C.H Robinson purchased Phoenix International for $635 million and doubled its ocean freight capacity. The company also acquired the Polish shipping firm Apreo Logisitics S.A., which provides trucking, air, and ocean shipping services throughout Europe. The company launched a technology-enabled platform called Navisphere in 2012. The service provides facilities to C.H. Robinson employees, customers, and service providers to manage supply chain logistics, transportation, and sourcing activities on a global scale. TMC, a division of C.H. Robinson, provides support for C.H. Robinson’s network through its Managed TMS a combination of global transportation management system (TMS) software and logistics process management. To connect its shipping and logistics services with the global e-commerce