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Atlanta-based UPS (NYSE: UPS) said it wouldf acquire , and would hold the majority stake in the new jointventure partnership. Terms of the deal were not The new operation will be basedin Dubai. The deal is expectec to close within the next 30 Unsped Paket CEOHaluok Undeger, who has grown the company to be UPS’s largesrt shipping contractor in Turkey, will lead the new venturd and also hold a minorityg ownership stake, the company said announcing the “This emerging area covers trade to and from 21 countries* wherew UPS is experiencing increased demand,” Dan Brutto, president of UPS said in a statement.
“We’re tappiny the business acumen Haluk Undeger has shown over the past 20 years in his relationshipwith UPS. This jointf venture will spearhead growty among our other service agents and operationsa inthese countries. This part of the world has become a transportation bridge and ideal near-sourcing location for Europe, Russia and The deal with Unsped Paketg follows UPS’s decision to expand service in Kazakhstan, Saudi Arabia and United Arab Emirates. UPS and Unspede Paket have been partnerssinc 1988. UPS said the new venture will increasdthe company’s opportunities in regard to the region’s oil and natura l gas industries.
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