How much did UPS pay for UPS Freight?
TFI International has completed its previously announced acquisition of UPS Freight, the company said April 30. The UPS division, which is focused on less-than-truckload and dedicated truckload shipments, was acquired by TFI in an $800 million deal announced in January.
How much did UPS pay for overnight freight?
The $800 million sale price is believed to be a bargain for a once-profitable LTL company that UPS bought from then-Overnite Transportation for $1.25 billion in 2005.
How much did UPS pay for Coyote Logistics?
UPS has completed the closing of the acquisition of Coyote Logistics, a technology-driven, non-asset based truckload freight brokerage company. The $1.8 billion acquisition adds large scale full-truck-load (FTL) and other transportation management services to the UPS portfolio.
Why did UPS sell UPS Freight?
Carol Tomé, UPS’s CEO since June 2020, explained in a statement that the sell-off is part of the company’s “better not bigger” strategy, which involves divesting businesses that weren’t a good fit for the company’s current and future plans.
Is UPS selling their freight division?
25, UPS announced it had reached an agreement to sell UPS Freight to TFI International for $800 million. As part of the agreement, UPS and TFI are entering into a five-year contract where TFI will continue to use UPS’ domestic network to move packages. The deal is to close during the second quarter of 2021.
What happens to UPS Freight pensions?
What happens with my hourly rate, vacations, pension, etc.? For union-represented UPS Freight employees, all terms and conditions such as pay, healthcare, and retirement will stay the same. … You will cease to accrue benefits in the UPS Pension Plan as of the transaction close date.
What is UPS Freight worth?
UPS to sell freight business to TFI for $800 million as part of ‘better not bigger’ plan.
How many trucks does UPS Freight have?
UPS operates over 119,000 delivery vehicles worldwide, ranging from bicycles to tractor-trailer trucks.
Did UPS sell Coyote Logistics?
UPS (NYSE:UPS) today completed the closing of the acquisition of Coyote Logistics, a technology-driven, non-asset based truckload freight brokerage company. … Coyote will operate as a wholly owned subsidiary of UPS under the leadership of CEO Jeff Silver.
Does Coyote own trucks?
Coyote Logistics (“Coyote”) is a freight brokerage company operating in the third-party logistics industry. … These brokers operate using a “non-asset based” business model where they do not own the trucks or inventory themselves but rather facilitate the transaction between the two parties.