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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| United Parcel Service | NYSE:UPS | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| -0.57 | -0.39% | 146.65 | 148.20 | 146.42 | 147.96 | 2,039,148 | 00:40:01 |
From May 2019 to May 2024
United Parcel Service Inc. said it would buy Coyote Logistics LLC, which provides transportation and shipping services, for $1.8 billion.
The deal is expected to close within 30 days and will be financed with cash and new and existing debt arrangements. UPS said Friday that the acquisition should start adding to earnings in 2016.
"The brokered full-truckload freight segment is a high growth market and we expect it will continue to outpace other transportation segments," said UPS CEO David Abney
Coyote Logistics reported annual revenue of $2.1 billion in 2014 and brokers freight with more than 35,000 trucking companies.
The move will add a new service offering to UPS's portfolio in the fast-growing freight brokerage business at a time when the delivery giant has been striving to maintain its profitability after tough back-to-back holiday seasons and a movement among shippers toward slower and cheaper delivery methods.
Write to Laura Stevens at laura.stevens@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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