Leonard Neill
INTERNATIONAL EXPRESS delivery major UPS has purchased Fritz Companies Inc for US$450 million and is expected to announce during the next fortnight a similar deal in which it will take over Emery Worldwide.
The transaction with Fritz is expected to be completed during the second quarter of 2001, but there is no indication at this stage if there will be any change in the Fritz name.
We are certainly very excited about the development, says Thore Saether, director of Fritz South Africa. The synergies of the two companies are obvious and can only help develop our operations further.
Fritz currently owns and operates 400 facilities in more than 120 countries around the world, and recorded US$1.6 billion in gross revenue during its most recent fiscal year.
UPS is to make an announcement shortly regarding the acquisition of Emery Worldwide following an agreement reached between the two companies on January 13, but no further details are available at this stage.
We have had numerous unconfirmed rumours of such a deal but nothing has been confirmed to us, says regional manager for Africa Kerry Fielden. We are awaiting news from our head office before making any comment.
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