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UPS Capital buys shipper Parcel Pro
The acquisition allows UPS Capital, the supply chain insurance and financing subsidiary of shipping giant UPS, to increase its presence in the jewelry industry.
New York--In an effort to gain a greater foothold in the jewelry industry, UPS Capital has acquired Parcel Pro, the Torrance, Calif.-based company that has been providing shipping services to the industry since 1997.
UPS Capital Vice President of Global Operations Mark Robinson said Monday that the company already is insuring high-value shipments for jewelers.
By acquiring Parcel Pro, UPS Capital is gaining enhanced technology and security capabilities as well as Parcel Pro’s relationships and knowledge of the industry.
UPS Capital said it also will look to offer additional services, including merchant services and risk mitigation tools like trade credit insurance and credit card fraud protection. Providing financing to the jewelry industry, however, is not part of the plan at this time, Robinson said.
In turn, the company is expanding Parcel Pro’s reach to about 15 additional countries, the full list of which will be available in the coming weeks.
The amount of the transaction was not disclosed.
Though UPS Capital is the supply chain insurance and financing subsidiary of Atlanta-based UPS, a public company, UPS is not required to disclose the exact amount of the transaction because it is not considered “material,” meaning the price would affect a reasonable shareholder’s decision to buy or sell stock in the company.
UPS Capital said it was not able to determine an exact materiality figure by press time.
Because of the acquisition, the two companies also are able to offer greater shipping maximums. UPS Capital said together they will insure shipments within the United States for up to $150,000 in value per package and up to $100,000 to selected countries internationally. Most shipping insurance is capped at $50,000 in the U.S. and $500 internationally in value per package.
Parcel Pro will keep its name and there currently aren’t any plans to close offices or lay off employees.
Parcel Pro has offices in New York, Los Angeles, San Francisco, Miami, Hong Kong, Tokyo and Singapore. The company also provides local customer service, as well as armed guard pick-ups and deliveries, in New York, Los Angeles and Beverly Hills, Calif.
Current Parcel Pro CEO Joseph Lam will become vice president of the Asia-Pacific region for UPS Capital while Chief Operating Officer Manny Valdez will run the U.S. business. Parcel Pro will no longer have its own CEO.
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