UPS to take full control over Korea operations

South Korea - UPS said it will acquire The Korea Express' (KEC) interest in the UPS-KEC express joint venture company, claiming full control over its Korea operations.

Derek Woodward, president of UPS' Asia Pacific region said the agreement was signed with KEC in order to strengthen its business in Korea, noting Korea is now the US' 7^th largest trading partner.

"UPS and KEC have had a successful partnership in Korea for more than 10 years, but UPS has arrived at appoint where we need greater flexibility to match our commitment to this important market," he said.

"With the establishment of wholly owned operations in Korea, UPS will have the flexibility it needs to invest in facilities, infrastructure, technology and employee development and to expand operations," he said.

As part of its strategy to provide total integrated logistics solutions, UPS said it will begin integrating its supply chain solutions operation with the package express entity. It previously launched a series of services for its customers in Korea, including a simplified suite of three services for shipping international air freight. The suite includes a substantially expanded express freight option with guaranteed door-to-door service.

At present, the company operates 31 weekly flights to and from Incheon Airport using B-747, B-767 and MD-11 aircraft connecting Seoul to Qingdao, Shanghai, Taipei and Anchorage.