US logistics giant UPS has said it plans to invest heavily in Europe - and Germany in particular. The announcement came months after the company was denied a mega-merger with Netherlands-based TNT.
UPS is planning major investments across Europe, the company's CFO told Germany's Süddeutsche Zeitung daily on Wednesday.
"Over the next three to five years, we want to invest $1 billion (731 million euros)," Kurt Kuehn was quoted as saying. He added that the biggest chunk would go to Germany, one of UPS' strongest growth markets worldwide.
Kuehn said some of the money would be spent on improving logistics infrastructure, including the building of new distribution centers.
Customer satisfaction in focus
He added that private customers in Germany would soon get a better deal, meaning that after online registration they would not only benefit from a sophisticated parcel tracking system but would also be able to define the time and place of delivery.
The US companysuffered a major setback
at the beginning of the year when EU regulators refused to give the green light to its planned merger with parcel delivery firm TNT from the Netherlands.
The deal would have seen the merged entity overtake Deutsche Post DHL as Europe's leading postal delivery company. UPS now has a workforce of 400,000 globally and logs an annual turnover of $55 billion.
hg/cjc (dpa, Süddeutsche Zeitung)