UPS closes Coyote Logistics acquisition
UPS announced yesterday (18 August) that it has completed the closing of its acquisition of Coyote Logistics. The $1.8 billion acquisition adds large scale full-truck-load (FTL) and other transportation management services to the UPS portfolio.
Founded in 2006, Coyote is a non-asset based truckload freight brokerage company which reported annual revenue of $2.1bn in 2014.
In its statement yesterday, UPS said that it “expects to benefit from synergies in purchased transportation, backhaul utilization, cross-selling to customers, as well as technology systems and industry best practices”.
David Abney, UPS chief executive officer, added: “Coyote is a transportation and logistics innovator which has changed traditional business models to serve their customers in new, unique and more satisfying ways.
“We will provide our combined customer base with a portfolio of seamless supply chain solutions from multi-modal freight shipments to small-package delivery. We are excited to welcome the talented Coyote team to UPS,” he continued.
Coyote will operate as a wholly owned subsidiary of UPS under the leadership of CEO Jeff Silver. Silver will report to Alan Gershenhorn, UPS chief commercial officer.
As previously reported, UPS announced its intention to buy Coyote on 31 July.
