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Atlanta-based UPS (NYSE: UPS) said it woulc acquire , and would hold the majorityg stake in the new jointtventure partnership. Terms of the deal were not The new operation will be based in The deal is expected to close withinn the next30 days. Unsped Paket CEO Halulk Undeger, who has grownn the company tobe UPS’sw largest shipping contractor in will lead the new venture and also hold a minorityg ownership stake, the company said announcinbg the deal.
“This emerging area covers trade to and from21 countries* where UPS is experiencing increased demand,” Dan president of UPS International, said in a “We’re tapping the business acumen Haluk Undeger has shown over the past 20 yearsz in his relationship with UPS. This joint venture will spearheafd growth among our other service agentsw and operations inthese countries. This part of the worlde has become a transportation bridgs andideal near-sourcing location for Europe, Russia and Asia.” The deal with Unsped Paket followws UPS’s decision to expand servics in Kazakhstan, Pakistan, Saudiu Arabia and United Arab Emirates.
UPS and Unsped Paket have been partneresince 1988. UPS, which operates its largestf international air hub atthe , said the new ventur will increase the company’s opportunitiese in regard to the Middle East's oil and natural gas
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