Company Now Focuses on Integration
London, October 3, 2005 - UPS (NYSE:UPS) today announced it has completed the purchase of LYNX Express Ltd, one of the UK's largest independent parcel carriers, for £55.5 million (US$97.1 million) after having received approval for the transaction from the European Commission.
With the acquisition complete, the company's focus now turns to integration. To help streamline the process, Bill Caplan, current managing director for UPS UK, will assume responsibility of the combined UPS UK and LYNX Express operations. David Burtenshaw will step down as chief executive of LYNX but will continue with the expanded company, playing a key role in the integration.
"The LYNX network and capabilities strengthen UPS's ability to manage customers' business needs in one of Europe's most exciting and dynamic economies," said Bill Caplan. "LYNX's services will be merged into the UPS product portfolio. The combined service offering will even better position UPS to support companies across the UK with their domestic and international express, logistics and mail needs."
Nuneaton-based LYNX Express, which was majority owned by the private equity firm Bridgepoint Capital (Nominees) Ltd. and had revenues of £170 million (US$297.5m) for the fiscal year ended Oct. 2, 2004, provides customers with a broad suite of parcel delivery, logistics, spare parts logistics and mail services through a strong nationwide network and experienced workforce. The acquisition of LYNX Express, which has operated in the UK since 1987, expands UPS's capacity and accessibility throughout the UK. It enables the company to offer an even broader base of customers access to its extensive global delivery system, industry-leading technology solutions and wide range of national and international services.
UPS is the world's largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronising the flow of goods, information and funds. UPS offers customers in the UK a comprehensive service portfolio backed by a fully integrated ground and air network, superior technology and shipping systems and an experienced workforce. In addition, the company provides businesses in the UK customised supply chain, logistics and distribution solutions as well as multi-modal freight services through its UPS Supply Chain Solutions business unit. Headquartered in Atlanta, USA, UPS serves more than 200 countries and territories worldwide. UPS's stock trades on the New York Stock Exchange (UPS) and the company can be found on the Web at www.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 US Securities Act of 1933 and Section 21E of the US 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 US Securities and Exchange Commission, which discussions are incorporated herein by reference.
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