UPS Europe president Jim Barber will replace Dan Brutto as UPS International president when he retires at the end of April. Barber has held senior roles in the international management team since 2004, with roles including president of the UK and Ireland district and chief operating officer for UPS Europe. He is currently responsible for operations in over 120 EMEA countries. UPS chairman and chief executive Scott Davis said: “We have a strong growth strategy and we will continue to […]
UPS and TNT Express do not now expect their multi-billion euro merger, announced in March, to be completed until early 2013. The operators had originally hoped to seal a deal in the first half of the year, but involvement from the European Commission as regulator scuppered this timetable. Last month the European Commission temporarily suspended the takeover to allow regulators more time to gather information, a process that is ongoing. Despite this UPS and TNT had still expected to complete […]
Tevva Motors has received a £10m funding injection from India’s Bharat Forge, which it said will boost its global expansion plans and create further jobs at its Chemlsford, Essex plant.
UPS has announced it has the funding in place for the acquisition of TNT Express, which was announced on 19 March. The US parcels giant will finance the deal by using €3.7bn of cash from its balance sheet and around €1.46bn via existing credit facilities. Totalling €5.16bn, the original deal reached between UPS and TNT Express was for an all-cash offer of €9.50 per ordinary share for the takeover of the Dutch business. In line with Dutch regulatory requirements, UPS […]