UPS “boosts investments by $12bn on favorable tax law impact”
UPS has announced more than $12bn in investments, which it says is an “an outgrowth of the opportunity for tax savings created by the Tax and Jobs Act”.
In a statement issued today (1 February) UPS said it “plans to raise future capital spending above its previously committed six-to-seven percent of annual revenue”.
The statement added: “UPS will invest an additional $7bn over three years for the construction and renovation of facilities, to acquire new aircraft and ground fleet vehicles, and to enhance the information technology platforms required to support the network, manage the business and power new customer solutions.”
“We applaud President Trump and Congress for their bold action to improve the U.S. economy,” said David Abney, UPS Chairman and Chief Executive Officer.
“Our investments will create new jobs, secure existing jobs and expand opportunities for our people. We are committed to remaining a preferred employer by continuing to provide industry-leading compensation and excellent career opportunities.”
(On Friday last week (26 January), FedEx announced that it was “committing more than $3.2bn in wage increases, bonuses, pension funding and expanded US capital investment” following the passage of the Tax Cuts and Jobs Act.)