UPS buys out its JV partner in S. Korea

UPS has announced an agreement with The Korea Express Co., Ltd. (KEC) to acquire KEC’s interest in the UPS-KEC express joint venture company. UPS said the deal will allow for the transformation of the joint venture to a wholly-owned subsidiary enabling UPS to grow its business in Korea and better serve its customers in a […]


UPS has announced an agreement with The Korea Express Co., Ltd. (KEC) to acquire KEC’s interest in the UPS-KEC express joint venture company. UPS said the deal will allow for the transformation of the joint venture to a wholly-owned subsidiary enabling UPS to grow its business in Korea and better serve its customers in a key market.

Terms of the deal were not disclosed. "UPS and KEC have had a successful partnership in Korea for more than 10 years, but UPS has arrived at a point where we need greater flexibility to match our commitment to this important market," said Derek Woodward, president of UPS Asia-Pacific region, noting Korea now is the US’ 7th largest trading partner.

UPS began operating in Korea in 1988. The company operates 31 weekly flights to and from Incheon Airport using B747, B767 and MD11 aircraft connecting Seoul to Qingdao, Shanghai, Taipei and Anchorage.