UPS Announces Agreement to Sell UPS Freight to TFI International Inc.
25 1월 2021 - 10:30PM
Transaction Highlights
- Includes UPS less-than-truckload (LTL) and dedicated truckload
businesses
- Expected to close during the second quarter of 2021
UPS (NYSE: UPS), has entered into a definitive agreement to sell
UPS Freight (UPSF) to TFI International Inc. (NYSE and TSX: TFII)
for $800 million, subject to working capital and other
adjustments.
“We’re excited about the future and the opportunities this
creates for both UPS and UPS Freight as part of TFI International
Inc.,” said UPS Chief Executive Officer Carol Tomé. “The agreement
allows UPS to be even more laser-focused on the core parts of our
business that drive the greatest value for our
customers.”
The decision to sell UPS Freight was reached following a
thorough evaluation of the UPS portfolio, and aligns with the
company’s “better not bigger” strategic positioning.
UPS and TFI International will also enter into an agreement for
UPS Freight to continue to utilize UPS’ domestic package network to
fulfill shipments, for a period of five years.
The transaction, which is subject to customary closing
conditions and regulatory approvals, is expected to close during
the second quarter of 2021. UPS expects to recognize a non-cash,
pre-tax impairment charge of approximately $500 million on its
statement of consolidated income for the year ended December 31,
2020.
With an operating history of over 85 years, UPS Freight is one
of the largest LTL carriers in the U.S., offering a full range of
regional and long-haul solutions and an on-time delivery guarantee
for all LTL shipments and is headquartered in Richmond, VA.
Goldman Sachs & Co. LLC is serving as financial advisor, and
King & Spalding LLP is serving as legal advisor to UPS.
A presentation providing more detail regarding the transaction
will be posted to the UPS Investor Relations website.
About UPS
UPS (NYSE: UPS), one of the world’s largest package delivery
companies with 2019 revenue of $74 billion, provides a broad range
of integrated logistics solutions for customers in more than 220
countries and territories. The company’s more than 500,000
employees embrace a strategy that is simply stated and powerfully
executed: Customer First. People Led. Innovation Driven. UPS is
committed to being a steward of the environment and positively
contributing to the communities we serve around the world. UPS also
takes a strong and unwavering stance in support of diversity,
equity and inclusion. The company can be found on the Internet at
www.ups.com, with more information at www.pressroom.ups.com
and www.investors.ups.com.
Forward-Looking Statements
This release contains and refers to “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. Statements other than those of current or historical fact,
and all statements accompanied by terms such as “expect,”
“anticipate,” “plan,” and variations thereof, and similar terms,
are intended to be forward-looking statements. Forward-looking
statements are made subject to the safe harbor provisions of the
federal securities laws pursuant to Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual results to differ materially
from our historical experience, present expectations or anticipated
results. These risks and uncertainties, many of which are outside
of our control, include, but are not limited to: our and TFI
International Inc.’s ability to satisfy the closing conditions and
obtain necessary regulatory approvals in a timely manner; the risk
that any regulatory approval, consent or authorization required for
the proposed transaction is not obtained or is obtained subject to
conditions that are not anticipated; unanticipated difficulties or
expenditures relating to the transaction; business disruptions
during or following the sale, including the diversion of management
time and attention; the response of business partners to the
announcement and pendency of the transaction; our ability to
successfully reinvest the proceeds (after adjustment) from the sale
as part of our core business in a way that creates value for our
shareholders; and the other risks discussed in our filings with the
Securities and Exchange Commission from time to time, including our
Annual Report on Form 10-K for the year ended December 31, 2019,
our Quarterly Report on Form 10-Q for the quarter ended March 31,
2020 and subsequently filed reports. You should consider the
limitations on, and risks associated with, forward-looking
statements and not unduly rely on the accuracy of information
contained in such forward-looking statements. We do not undertake
any obligation to update forward-looking statements to reflect
events, circumstances, changes in expectations, or the occurrence
of unanticipated events after the date of those statements, except
as required by law.
UPS Media Relations
404-828-7123
pr@ups.com
TFI (NYSE:TFII)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
TFI (NYSE:TFII)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024