World Economy

UPS to Invest $1b in Europe

UPS to Invest $1b in EuropeUPS to Invest $1b in Europe

United Parcel Service Inc. (UPS) plans to invest 1b euros ($1.06b) in Europe to expand its package delivery network, German magazine Wirtschaftswoche reported on Sunday, without citing its sources, Reuters said. “We will strongly expand our network in Germany and the rest of Europe,” the magazine quoted UPS Germany chief Frank Sportolari as saying in the article, adding the number of parcel shops and sorting centers would rise with the investment. FedEx Corp is to buy Dutch package delivery firm TNT Express for an agreed 4.4b euros, stepping up the challenge to rivals UPS and Deutsche Post.