Tag: Courier/Express/Parcels

US Overnite investors accept UPS offer

Posted by | Aug 5, 2005 | |

Shareholders of trucking company Overnite Corp. on Thursday overwhelmingly approved a proposed USD1.25 billion acquisition by UPS Inc., the world’s largest package delivery company.

The cash transaction, which values Overnite shares at USD43.25, is scheduled to close Friday. The buyout already has been approved by the Federal Trade Commission.

The combination will expand UPS’ ground transportation in North America. As a result, Atlanta-based UPS will become a top motor freight carrier and will better compete against rivals such as FedEx Corp.

Both UPS and Overnite agreed to the deal on May 15.

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Air India seeks private partnership in cargo business

Posted by | Aug 5, 2005 | |

With plans of roping in a strategic partner, flag carrier Air-India (A-I) is set to begin discussions with air cargo majors, like Federal Express, DHL and UPS. This is apart from the cargo arms of international carriers, like British Airways, Lufthansa and Air France.

The carrier would be looking at two possible options, where it could either float a JV company with equal public-private equity partnership or sell 50 percent stake after hiving-off its Rs 600-crore cargo business into a separate subsidiary.

Confirming the move, the union minister for civil aviation, Praful Patel said to ToI, “A-I’s cargo business can be turned into a big time revenue earning stream. Along with the growth in passenger traffic, primarily driven by economic growth, the air cargo business is turning out to be a lucrative business proposition.”

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DHL sees Asia-Pacific surge

Posted by | Aug 4, 2005 | |

DHL’s Asia Pacific revenues grew 19 percent to 1.9 billion euros in the January-June period from a year ago, and the company predicted they would remain strong. DHL, a unit of Germany’s Deutsche Post, has invested 1.4 billion dollars in the region since 2000 to boost its infrastructure and plans to spend more if needed, company officials said in a media briefing. Asia-Pacific is DHL’s fastest-growing region. DHL said the region’s transport market is now worth 700 billion dollars and is expected to top 1.3 trillion dollars by 2020. DHL has regional hubs in Bangkok, Hong Kong, Seoul, Singapore, Sydney and Tokyo. Revenues from Asia-Pacific totaled more than 4.2 billion dollars in 2004. The company also said it has no plans to increase its 5 percent stake in Sinotrans, China’ state-owned forwarder. A 50-year partnership between DHL and Sinotrans’ parent, Sinotrans Group, still has more than 30 years to run.

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UPS rules out exit from Clark even as it plans China move

Posted by | Aug 4, 2005 | |

UPS has signed an agreement with the Chinese government on the establishment of an international air hub at the Pudong International Airport in 2007.

A ranking UPS official, however, said the company will not abandon its operations in Clark, Pampanga in favor of China.

“Clark is very important for us. We will continue to do business there. Our intra-Asia hub there is seen to complement the planned international hub in China,” UPS Chief Operating Officer John Beystehner said on the sidelines of a technology summit here.

He said the location of UPS’ hub in Pampanga, which opened in 2002, allows the company to connect to major business centers in the region within a four-hour flight.

However, the planned global facility in China will handle international operations and take advantage of the fast-growing Chinese market.

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