UPS agrees to acquire Mexico’s Estafeta in nearshoring push
by Bloomberg Jul 23, 2024
United Parcel Service Inc. agreed to buy Mexican parcel carrier Estafeta as the package delivery giant tries to capitalize on a rise in nearshoring.
The acquisition is an expansion of a commercial agreement between the companies that was established in 2020, UPS said Monday in a statement. The company didn’t disclose financial terms of the deal, which is expected to close by the end of the year.
UPS has pointed to international expansion, especially in the nearshoring destination of Mexico, as a top growth priority for the company. The move comes days after less-than-truckload freight company XPO laid out its own plans to expand operations in the country.
UPS is scheduled to report second-quarter earnings Tuesday.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
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