UPS Completes Coyote Logistics Acquisition
Atlanta and Chicago
UPS (NYSE:UPS) today completed the closing of the acquisition of Coyote Logistics, a technology-driven, non-asset based truckload freight brokerage company. The $1.8 billion acquisition adds large scale full-truck-load (FTL) and other transportation management services to the UPS portfolio. The company expects to benefit from synergies in purchased transportation, backhaul utilization, cross-selling to customers, as well as technology systems and industry best practices.
“Coyote is a transportation and logistics innovator which has changed traditional business models to serve their customers in new, unique and more satisfying ways,” said David Abney, UPS chief executive officer. “We will provide our combined customer base with a portfolio of seamless supply chain solutions from multi-modal freight shipments to small-package delivery. We are excited to welcome the talented Coyote team to UPS,” he continued.
Coyote will operate as a wholly owned subsidiary of UPS under the leadership of CEO Jeff Silver. Silver will report to Alan Gershenhorn, UPS chief commercial officer.