SHANGHAI, Aug. 9, 2007 - UPS (NYSE:UPS) and the Shanghai Airport Authority today conducted a formal groundbreaking ceremony for the UPS International Air Hub at PudongInternationalAirport.
"The opening of this hub will ensure we are well-positioned to support the explosive growth in Asia's regional trade," said UPS Chairman and CEO Mike Eskew, who attended the event. "Export volume growth in China and throughout Asia has been robust and the outlook remains bright. We are extremely proud to be the first U.S. airline to open an international air hub in China under the 2004 U.S.-China Air Services Agreement."
Over the past five years, UPS has invested about $600 million in China, including a successful transition to become the first wholly-owned foreign express carrier in the country.
Located at the southern end of the West Cargo Terminal Area, the new hub will be built on a parcel totaling 1 million square feet and will open next year. Rapid expansion is planned to a sorting capacity of 17,000 pieces per hour. The new hub will link all of China via Shanghai to UPS's international network with direct service to the Americas, Europe and Asia. It also will connect points served in China by UPS through a dedicated service provided by Yangtze River Express, a Chinese all-cargo airline.
UPS, which celebrates its 100th anniversary in 2007, is the world's largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronizing the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide. UPS's stock trades on the New York Stock Exchange (UPS) and the company can be found on the Web at UPS.com. To get UPS news direct, visit pressroom.ups.com/RSS.