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U.P.S. Buys Menlo Worldwide Forwarding for $150 Million
December 4, 2004
United Parcel Service said yesterday that it had agreed to buy Menlo Worldwide Forwarding, a unit of CNF, for $150 million in cash and the assumption of $110 million in debt. U.P.S., based in Atlanta, said that the purchase of Menlo, which offers forwarding of heavy air freight, ocean services and international trade management, underpinned its efforts to broaden its growing logistics business. CNF, based in Palo Alto, Calif., said that it would take an after-tax loss of about $260 million on the divestiture. Menlo had revenue of $1.9 billion in 2003.
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