UPS celebrates 105 years in service by ringing NYSE bell
UPS celebrated its 105th year of service today by ringing the bell to start trading on the New York Stock Exchange. The company founded as a messenger service by a 19-year-old in Seattle on August 28, 1907, chose seven of its employees to represent its 400,600 workers on the NYSE platform.
The staff included a UPS pilot, two drivers and an owner of five The UPS Store locations in the New York area, joining company leaders this morning for the task of starting up trading on Wall Street.
UPS Chairman and CEO Scott Davis said the celebration was a particular honour because it also reflected the progress that has been made since UPS went public in 1999.
He said: “For 104 years, UPS has been dedicated to serving its customers and not afraid to change and transform itself to do so.
“Ringing the bell to start trading is an honor, because becoming a public company was an important step in UPS’s transformation to the logistics provider we are today. And it’s even more special when we can recognize some of the men and women who make our company successful,” added Davis.
Growth
Founded by Jim Casey, UPS was privately owned by staff, retirees and various foundations until November 1999, when UPS issued 10% of its outstanding shares in what was the largest IPO in US history at the time.
In the last 12 years, public ownership in UPS has grown from 10% to 75%, with revenue nearly doubling from $27bn in 1999 to $49.6bn in 2010.
Today’s event in Wall Street saw UPS exhibiting a hybrid-electric delivery truck of a type used in New York City for the last few years.
UPS said the display marked publication of its latest annual Sustainability Report and its 2,292-strong alternative vehicle fleet.
Hurricane
The company is warning customers today that shipments to the East Coast of the United States could face delays as a result of localised evacuations as Hurricane Irene approaches.
Pickups and deliveries are being suspended in certain zip code areas in Delaware, New Jersey, North Carolina and Virginia.
The company said: :UPS is committed to making every effort to provide service to all areas where conditions permit safe access. We are closely monitoring local areas to ensure service resumes as soon as conditions permit.”
