While David Abney, United Parcel Service Inc.’s newly appointed chief executive officer who is to take over his new post on Sept. 1, is known for his commitment to expanding the company’s services internationally and especially in emerging markets, Europe has not been forgotten.

UPS Chief Financial Officer Kurt Kuehn has been widely quoted for his announcement that the company is to invest $1 billion in its European operations in the next three to five years including a major commitment to its operations in Germany

The German daily newspaper Sueddeutsche Zeitung cited Mr. Kuehn’s announcement during an interview published July 2.

According to the interview, Germany continues to be a fast growing market for the company, which recently completed a $200 million expansion at its Cologne, Germany, hub.

Europe’s health care sector is projected to grow substantially due to an increasingly aging population dependent on medicines that have to be delivered to individual residences.

The newspaper reported that Mr. Kuehn said much of the European investment will be directed toward the health care sector  and its logistical challenges, including the need to transport medicines at regulated temperatures.

UPS is to reveal the full extent of its plans including acquisitions in November, Mr. Kuehn told the newspaper.