Just days after U.K.-based financial analyst Alastair Gunn raised the profile of rumors about UPS acquiring Exel (see Another Acquisition for Big Brown?), the U.S.-based parcel carrier announced it would acquire Stolica S.A., a Polish messenger service. The transaction should be completed early in the second quarter of 2005, said UPS, which declined to release details of the deal.
Stolica offers domestic delivery services in Poland through a nationwide network. Stolica’s sales in 2004 were approximately $64 million.
Commenting on the acquisition, Wolfgang Flick, president UPS Europe, said Stolica strengthens UPS’ capabilities to manage local customer shipments into, within, and out of Poland.
The Polish company began operations in 1993. UPS has offered service in Poland since 1992. In 2004, UPS said it experienced a nearly 35% increase in export volume from Poland. That was the year the country joined the European Union.
