UPS to Sell Stake in Chinese Firm
UPS Inc. will sell its stake in Chinese package delivery firm Sinotrans, the company said.
UPS spokesman John Flick said the company was selling its 2.9% stake in Sinotrans but that it would continue to work with the Chinese firm to deliver packages to rural areas in China.
UPS invested in Sinotrans when it held an initial public offering in 2003.
Flick said UPS decided to sell its Sinotrans stake because the Atlanta firm has a wholly owned Chinese subsidiary.
He declined to say how much the Sinotrans stake was worth.
UPS is ranked No. 1 on the Transport 100 listing of U.S. and Canadian for-hire carriers.