UPS Completes Purchase of Menlo Worldwide Forwarding
ATLANTA, Dec. 20, 2004 - UPS (NYSE: UPS) today announced it had completed the purchase of Menlo Worldwide Forwarding, Inc., formerly a subsidiary of CNF Inc. (NYSE: CNF).
"Menlo Worldwide Forwarding's capabilities complement UPS's ability to manage customers' shipments of any size, anywhere and in virtually any time frame," said Bob Stoffel, UPS senior vice president, Supply Chain Group. Menlo Worldwide Forwarding services soon will be sold under the UPS brand, he added.
Menlo Worldwide Forwarding, with 2003 gross revenues of US$1.9 billion, is a leading global freight forwarder that provides a suite of heavy air freight forwarding services, ocean services and international trade management. The acquisition strengthens UPS's ability to provide a broad array of global supply chain solutions, adding guaranteed U.S. and worldwide heavy air freight services to its portfolio. UPS also can provide additional freight services and a range of time-definite products such as overnight, two-day and deferred heavy air freight across the globe.
The purchase price was US$150 million in cash and the assumption of approximately US$110 million in long-term debt.
UPS is the world's largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronizing the flow of goods, information and funds. UPS's stock trades on the New York Stock Exchange (UPS) and the company can be found on the Web at ups.com.
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Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements, including statements regarding the intent, belief or current expectations of UPS and its management regarding the company's strategic directions, prospects and future results, involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, governmental regulations, our competitive environment, strikes, work stoppages and slowdowns, increases in aviation and motor fuel prices, cyclical and seasonal fluctuations in our operating results, and other risks discussed in the company's Form 10-K and other filings with the Securities and Exchange Commission, which discussions are incorporated herein by reference.
For More Information Contact:
Lynnette McIntire
UPS Supply Chain Solutions
678-746-7985
Dan Silvernale
UPS Investor Relations
404-828-6167
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