Extends deal with Ongweoweh
VAUGHAN, Ontario: Axios Mobile Assets Corp and Ongweoweh Corp have taken the next step in their partnership.
As reported earlier, Ongweoweh Corp, an Ithaca, New York-based pallet management, recovery and recycling business made a cash investment in pallet manufacturer Axios and promised to make a future purchase of composite pallets.
Now that promise has now been fulfilled. The first purchase agreement between the two companies has been signed. Ongweoweh has committed to spending US$300 million over the next five years for pallets and Axios’s tracking and tracing technology platform.
“The significant volume order mitigates risk for large-scale adoption by retailers and manufacturers and positions the platform as a viable alternative to current poolers and pallet management companies,” said Axios president and CEO, Richard MacDonald.