UPS to invest EUR 1bn in European takeover offensive
United Parcel Service is looking to invest EUR 1bn in Europe to enlarge its network and distribution, German magazine Wirtschaftswoche reported, citing UPS Germany CEO Frank Sportolari.
The investment means the number of sorting centres and delivery points will increase, the report quoted Sportolari as saying.
UPS is going on a “takeover-offensive in Europe” following competitor FedEx’s bid for TNT Express, a Dutch package delivery film, the report said. A UPS bid for TNT was blocked by European regulators in 2013 due to concerns about competition. Sportolari said that attempt “has lost time” due to that failed bid.
Wirtschaftswoche