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Shifting trade winds have Atlanta’s United Parcel Service Inc. looking to shore up logistics offerings closer to the U.S. as new trends modify global growth patterns.
The company has agreed to acquire 45-year-old Mexican express delivery company Estafeta for an undisclosed sum as “nearshoring” heats up and Mexico enjoys a manufacturing boom.
“Global supply chains are shifting, Mexico’s role in global trade is growing, and Mexican SMB and manufacturing sectors are looking for reliable access to the U.S. market. There is no better way to capitalize on these trends than by combining the size and scale of UPS with Estafeta,” said Carol Tomé, UPS chief executive officer, in a news release.
The companies did not disclose the value of the deal, which is subject to regulatory approval. The deal is expected to close by the end of 2024 and builds off a commercial relationship established during the pandemic in 2020.
UPS took questions on the deal during its earnings call July 23. Learn more here.