Tag: UPS

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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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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UPS says China is company’s top priority

Posted by | Aug 2, 2005 | |

UPS has said that China is the company’s top priority and that the American firm was expanding flights and facilities in the Asian nation that has become a manufacturing powerhouse.

“China isn’t an option. It’s essential. It’s our No. 1 priority,” John Beystehner, chief operating officer at UPS, said at a conference hosted by the Atlanta-based company.

Beystehner said the company plans to establish a hub in the Chinese financial capital of Shanghai by 2007. The firm’s 18 weekly flights in and out of China would expand to 21 next year, he added.

By the end of this year, the company’s China operations plans to have 3,500 employees, 1,400 vehicles and 75 facilities, Beystehner said.

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DHL Executives debate next phase of US market strategy

Posted by | Aug 1, 2005 | |

With their expansion into the U.S. market on track and nearly complete, DHL executives face a fresh debate: How much profit can they realistically expect in the U.S. as they compete with larger, more-recognizable rivals?

That’s the next phase of attack of the U.S. market, said DHL Chief Executive John Mullen in an interview Friday with Dow Jones.

“We will enter 2006 with a fully integrated business. That’s a huge plus, because you’re not looking inward anymore,” Mullen said. But he added: “Integration doesn’t yet bring profitability.”

The company, which began its challenge to entrenched U.S. delivery companies United Parcel Service Inc. (UPS) and FedEx Corp. (FDX) in 2003 by buying Airborne Inc., is on track to break even in the U.S. in the fourth quarter of next year. But while DHL is a large and well-known express delivery company around the globe, it’s smaller in the U.S. than its main rivals.

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