UPS Inc. said its finance and insurance subsidiary, UPS Capital, has acquired Parcel Pro, a logistics provider serving the jewelry and collectibles industries.
Terms were not disclosed.
UPS said the acquisition will enable it to provide improved security for customers shipping high-value items.
“The acquisition enhances our supply chain risk-mitigation capabilities, providing global logistics expertise and peace of mind to customers who need to ship their valuable goods,” UPS Capital President Ronald Chang said.
Parcel Pro’s proprietary technology provides online tracking, reporting and shipping, including via smartphone applications, UPS said.
UPS said the acquisition enables it to offer greater insurance coverage for shipments of luxury items through enhanced security and technology.
UPS Capital and Parcel Pro can insure shipping within the United States for up to $150,000 in value per package and internationally to certain countries for up to $100,000 per package, UPS said.
Those increased maximums allow customers to ship more items in one package, which is more efficient and cost effective, the company said.
Parcel Pro operates locations in the major jewelry districts of New York, Los Angeles, San Francisco, Miami, Hong Kong, Tokyo and Singapore. It also provides local customer service and armed-guard pickups and deliveries in New York, Los Angeles and Beverly Hills, California.
UPS, based in Atlanta, ranks No. 1 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.
