UPS Sets Middle East Joint Venture
UPS Inc. said Friday it has begun a new joint venture headquartered in Dubai that will coordinate packages, freight forwarding and contract logistics services in the Middle East, Turkey and parts of Central Asia.
Terms of the deal were not disclosed.
UPS will have a majority stake in the new joint venture, which will acquire the small package operations of Turkish company Unsped Paket Servisi San ve Ticaret A.S., UPS’ existing service agent in Turkey.
Unsped’s revenues for have increased 18% on a compounded annual basis for the past three years and the company’s 2,500 employees will continue to be managed by the Turkish leadership team and become part of the joint venture, UPS said.
UPS is ranked No. 1 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
