UPS Logistics Group, a wholly owned subsidiary of United Parcel Service, plans to boost revenue to US$5 billion annually in five years by expanding business in North America, Europe and Asia.
Ray Thurston, newly appointed chief executive of UPS Logistics, said he planned to steer the company into an industry leadership position in terms of global services and revenue.
'The third-party logistics market is a $450 billion opportunity. Logistics services being contracted out topped $20 billion in 1995 and are growing at 25 per cent per year,' Mr Thurston said.
He said the group would make inroads in the market through a targeted approach, cutting-edge information systems and unmatched industry expertise.
The group would provide next-generation supply chain management solutions.
Mr Thurston said the group's business units included SonicAir, UPS Truck Leasing, Worldwide Dedicated Services, Mantrac and Roadnet Technologies and UPS Worldwide Logistics.