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Atlanta-based UPS (NYSE: UPS) said it would acquirer , and would hold the majoritg stake in the new jointventurew partnership. Terms of the deal were not The new operation will be basedein Dubai. The deal is expectedx to close within the next30 days. Unsped Paker CEO Haluk Undeger, who has grownh the company tobe UPS’s largest shipping contractore in Turkey, will lead the new venturew and also hold a minority ownership stake, the companyu said announcing the deal. “This emerging area covers trades to and from21 countries* where UPS is experiencing increasede demand,” Dan Brutto, president of UPS said in a statement.
“We’rwe tapping the business acumen Haluk Undeger has shownj over the past 20 yearsz in his relationshipwith UPS. This joinyt venture will spearhead growth among our other service agents and operations inthese countries. This part of the worldx has become a transportation bridge andideap near-sourcing location for Europe, Russia and Asia.” The deal with Unsped Pakegt follows UPS’s decision to expand servicre in Kazakhstan, Pakistan, Saudi Arabia and Unite d Arab Emirates. UPS and Unsped Paket have been partnerssince 1988.
UPS said the new venture will increasethe company’sx opportunities in regard to the region’s oil and natural gas
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