ATLANTA--(BUSINESS WIRE)--Jul 22, 2024--
UPS (NYSE: UPS) today announced that it has entered into an agreement to acquire Estafeta, a leading Mexican express delivery company. This acquisition is a key part of UPS's 'Better and Bolder' strategy, aimed at becoming the world's premium international small package and logistics provider.
“Global supply chains are shifting, Mexico's role in global trade is growing, and Mexican SMB and manufacturing sectors are looking for reliable access to the US market. There is no better way to capitalize on these trends than by combining the size and scale of UPS with Estafeta,” said Carol Tomé, UPS chief executive officer. “As the shift to nearshoring continues, our combined business will give customers in Mexico unprecedented access to global markets with seamless service and greater efficiency.”
The acquisition is an evolution of a commercial agreement established between the two companies in 2020. When the two companies are combined, customers can rely on UPS’s integrated solutions that link small package, healthcare logistics and end-to-end supply chain solutions, creating a differentiated ‘One UPS’ advantage.
“We’re excited to combine Estafeta’s proud, 45-year logistics legacy, and our expertise with that of UPS, a company that shares our values of service excellence, investing in people and community engagement,” said President and CEO of Estafeta Jens P. Grimm. “Today’s announcement is a testament to the hard work and dedication of our people and the trust of all our customers, vendors and suppliers across Mexico. This is the right time to accelerate our growth, and UPS will help connect our customers to new, global opportunities, and strengthen the connection of Mexico’s growing economy to the rest of the world.”
The acquisition is targeted to close by the end of this year, subject to customary closing conditions and regulatory approvals. The value and terms of the transaction are not being disclosed at this time. The transaction will be further discussed on UPS’s second quarter investor conference call at 8:30am ET on July 23, 2024.
About UPS
UPS (NYSE: UPS) is one of the world’s largest companies, with 2023 revenue of $91.0 billion, and provides a broad range of integrated logistics solutions for customers in more than 200 countries and territories. Focused on its purpose statement, “Moving our world forward by delivering what matters,” the company’s approximately 500,000 employees embrace a strategy that is simply stated and powerfully executed: Customer First. People Led. Innovation Driven. UPS is committed to reducing its impact on the environment and supporting the communities we serve around the world. UPS also takes an unwavering stance in support of diversity, equity and inclusion. More information can be found at www.ups.com, about.ups.com and investors.ups.com.
About Estafeta
Estafeta is a Mexican, privately owned, socially responsible provider of integrated logistics solutions, operating an extensive domestic network to meet the supply chain needs of companies of all sizes. Guided by its purpose statement: “Bringing people together and connecting businesses moves us” and its values of safety, service and efficiency, Estafeta embodies a proud 45-year logistics legacy built by the talent of its people, the trust of its customers, the collaboration with suppliers, and giving back to the communities where the company operates. www.estafeta.com [estafeta.com] #Estafetaparaloquetemueve
View source version on businesswire.com:https://www.businesswire.com/news/home/20240722415651/en/
CONTACT: UPS Media Relations: +1 [email protected]
Estafeta Media Relations:[email protected]
KEYWORD: GEORGIA MEXICO UNITED STATES CENTRAL AMERICA NORTH AMERICA
INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT HISPANIC PROFESSIONAL SERVICES ONLINE RETAIL CONSUMER SMALL BUSINESS OTHER MANUFACTURING OTHER TRANSPORT RETAIL TRUCKING TRANSPORT LOGISTICS/SUPPLY CHAIN MANAGEMENT MANUFACTURING
SOURCE: UPS
Copyright Business Wire 2024.
PUB: 07/22/2024 04:10 PM/DISC: 07/22/2024 04:10 PM
http://www.businesswire.com/news/home/20240722415651/en
