UPS plans Middle East foray
Chicago, June 27, 2009
The world's largest package delivery company United Parcel Service (UPS) said that it has bought a majority stake in its Turkish service agent in order to grow its business in the Middle East and Central Asia.
The Atlanta-based company said it will take a majority stake in Unsped Paket Servisi San ve Ticaret, while Haluk Undeger will retain a minority stake and stay on as chief executive of the joint venture. UPS did not disclose terms for the deal.