UPS to record roughly $40 million loss related to sale of asset in Germany
By APFriday, February 26, 2010
UPS to record $40M loss related to asset sale
ATLANTA — UPS Inc., the world’s largest shipping carrier, will record a loss of roughly $40 million related to the sale of a specialized transportation and express freight business in Germany within its supply chain and freight segment.
The company said in a regulatory filing Friday that it will record the loss in the first quarter, which ends March 31. The sale was completed this month.
As part of the transaction, UPS incurred certain costs associated with employee severance payments, other employee benefits, transition services, and leases on operating facilities and equipment, the company said in the Securities and Exchange Commission filing.
Also, UPS said it provided a guarantee of two years for certain employee benefit payments being assumed by the buyer.
UPS, also known as United Parcel Service, is based in Atlanta.
