Reuters - The world's largest package delivery company United Parcel Service Inc (UPS) has announced the acquisition of a majority stake in its Turkish service agent in a move to grow its business in the Middle East and Central Asia.
The Atlanta-based US company said it will take a majority stake in Unsped Paket Servisi San. ve Ticaret AS, while Haluk Undeger will retain a minority stake and remain as the chief executive of the joint venture. However, financial details of the acquisition have not been disclosed by UPS under the terms of the deal.
"This joint venture will spearhead growth among our other service agents and operations in these countries" said Dan Brutto, President of UPS International, in a statement. "This part of the world has become a transportation bridge and ideal near-sourcing location for Europe, Russia and Asia."