UPS to record $40m loss related to asset sale

UPS will record a loss of roughly $40m related to the sale of a specialized transportation and express freight business in Germany within its supply chain and freight segment. The company said in a regulatory filing Friday that it will record the loss in the first quarter, which ends 31 March. The sale was completed this month.

As part of the transaction, UPS incurred certain costs associated with employee severance payments, other employee benefits, transition services, and leases on operating facilities and equipment, the company said in the Securities and Exchange Commission filing.

UPS also said it provided a guarantee of two years for certain employee benefit payments being assumed by the buyer.