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Atlanta-based UPS (NYSE: UPS) said it woulrd acquire , and would hold the majorit y stake in the new joinyventure partnership. Terms of the deal were not The new operation will be based in The deal is expected to clos within the next30 days. Unsped Pakey CEO Haluk Undeger, who has grown the company to be UPS’sd largest shipping contractorin Turkey, will lead the new venturw and also hold a minority ownership stake, the company said announcing the “This emerging area covers trades to and from 21 countries * where UPS is experiencing increased Dan Brutto, president of UPS International, said in a statement.
“We’rs tapping the business acumen Haluk Undege has shown over the past 20 yearse in his relationshipwith UPS. This joint venture will spearheadr growth among our other service agents and operations inthese countries. This part of the worlcd has become a transportationb bridge andideal near-sourcing location for Russia and Asia.” The deal with Unsped Paket follows UPS’d decision to expand service in Pakistan, Saudi Arabia and United Arab Emirates. UPS and Unspedc Paket have been partnerssince 1988. UPS said the new ventur e will increasethe company’s opportunities in regard to the region’sd oil and natural gas industries.
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