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UPS acquires UK Freightex to enter European truckload market

Time：2017-01-12 Browse：116 Author：RISINGSUN

GLOBAL transportation and logistics provider UPS has bought into the European truckload brokerage sector with the purchase of Freightex, a UK-based provider of truckload, less-than-truckload, specialised and refrigerated over-the-road services, the New York`s Air Cargo World reported.

Financial terms of the deal, which was completed on January 3, were not disclosed.

With the purchase, Freightex will add extensive cross-border routes and a carrier network, which includes a dedicated fleet, to UPS`s portfolio. The acquisition also gives UPS access to the European 3PL sector, which is expected to reach US$174 billion by the end of 2016.

The news comes about a year after UPS bought Coyote Logistics in August 2015, which gave the company greater control over the transportation chain, and increased its customer base and utilisation of its trucks. Freightex will gain access to Coyote`s technology and vice versa, the company announced.

"The UK and Europe are strategic 3PL freight brokerage growth markets for UPS and there is significant cross-border opportunity," explained Alan Gershenhorn, COO for UPS. "This acquisition provides UPS customers an immediate, knowledgeable and competitive UK and European presence."