UPS to invest US$1B in its European operations in next three to five years, mainly to expand logistics network, as part of yet-to-be-announced new strategy, including takeovers mainly in the healthcare industry, says UPS's CFO in German newspaper report
July 2, 2014
– US United Parcel Service Inc (NYSE:UPS) intends to invest USD1bn (EUR731.5m) in its European operations over a three-to-five-year horizon, with its yet to be announced new strategy including takeovers mainly in the healthcare industry, Frankfurter Allgemeine Zeitung cited today CFO Kurt Kuehn as saying.
Kuehn told the German daily in an interview that the package delivery major would invest mainly in expansion of its logistics network. Geographically, a large portion of the funds will be earmarked for Germany, deemed among its fastest-growing markets, he said.
Under UPS' new strategy, which is set to be made public in November, the US firm will make acquisitions especially in the healthcare segment, an area posing logistical difficulties due to the sensitivity to temperature of the medicines transported, Kuehn told the paper.