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UPS confirms its agreement to buy Coyote Logistics
American parcel delivery company UPS has confirmed it will buy Coyote Logistics for $1.8 billion. Coyote is a non-asset company which recorded a revenue of $2.1 billion during 2014.
David Abney, UPS Chief Executive Officer, said: “The brokered full-truckload freight segment is a high growth market and we expect it will continue to outpace other transportation segments.” Abney continued: “This high quality acquisition significantly increases UPS full-truckload scale and we are uniquely positioned to take advantage of exciting new revenue growth and synergy opportunities.”
In a recent statement issued by UPS, it was that “during the peak holiday shipping season, UPS often supplements its fleet with contract transportation providers to meet customer demand.”
UPS Executive Vice President and Chief Commercial Officer, Alan Gershenhorn, also commented: “Through the Coyote network, UPS will provide our combined customer base with an even more seamless supply chain solutions portfolio from multi-modal freight shipments to small package delivery.”