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UPS to buy UK haulage broker
[ January 9, 2017 // Chris ]UPS has bought UK and European road transport broker, Freightex for an undisclosed sum. Freightex has eight locations in the UK and Europe and matches customers’ outgoing freight shipments with available trucking capacity in its network of carriers.
The purchase follows UPS’s acquisition of North American trucking broker Coyote Logistics in August 2015.
UPS chief commercial officer, Alan Gershenhorn, explained: “The UK and Europe are strategic 3PL freight brokerage growth markets for UPS and there is significant cross border opportunity. This acquisition provides UPS customers an immediate, knowledgeable and competitive U.K. and European presence. We intend to align Freightex with Coyote for greater efficiency and continue to invest for further growth.”
The European 3PL market was forecast to reach $174 billion by the end of 2016¹. The freight brokerage portion of the U.K. and total European 3PL market is growing at a faster rate than the total market and is expected to further expand as shippers and carriers further adopt the brokerage model.
Freightex also handles freight from shippers who require temperature-controlled or other specialised equipment.