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ATLANTA and SAN DIEGO, March 2, 2001 - UPS (NYSE: UPS) and MAIL BOXES ETC. today jointly announced that UPS has agreed to acquire MBE. MBE, a subsidiary of US Office Products (OTC BB: OFIS), is the world's largest franchisor of independently owned and operated business, communication and shipping centers worldwide.
The transaction will allow UPS and MBE to develop new opportunities in such areas as small business services, e-commerce and financial services. It also strengthens the important physical link UPS has to a growing segment of retail customers, such as Internet consumers, SOHO (small office/home office) owners and an increasingly mobile, technology-connected society.
The transaction is structured as an acquisition of the assets of MBE. The parties expect to close as soon as practicable.
"This is a strategic fit that complements UPS's existing access channels and underscores the common vision MBE and its franchisees share with UPS to meet the changing needs of customers," said Jim Kelly, UPS chairman and CEO. "The alignment of our brands and the retail expertise MBE and its franchisees bring to UPS will open doors of opportunity for us to better serve small businesses and consumers around the world."
UPS and MBE have had a strong relationship for more than two decades. In recent years, both companies have unveiled industry-leading solutions for small businesses and for shipping and returning goods sold and purchased over the Internet by businesses and consumers. In addition, UPS and MBE have complementary portfolios of business-focused financial services.
"In joining the UPS organization, we intend for our franchisees - the backbone of the MBE family - to maintain the entrepreneurial spirit and independence they need to run their businesses and provide world-class service options to their customers, while benefiting from the mutually innovative thinking of these two great companies," said Jim Amos, president and CEO of MBE.
MBE business will be conducted through a subsidiary of UPS under the guidance of Amos, who this week was named chairman of the International Franchise Association. MBE franchisees will continue to offer a broad array of business services, products and shipping alternatives.
Kelly emphasized the importance of the entire global network of more than 11,500 UPS Authorized Shipping Outlets that includes other franchisors, independent retail shipping and packaging stores and alliances with other office product suppliers. UPS will continue to provide a range of programs to support all other valued channels to provide convenient access to UPS services.
MBE is comprised of more than 4,300 retail locations, including nearly 900 centers in 29 countries around the world. Headquartered in San Diego, Ca., MBE is located on the Web at www.mbe.com.
UPS is the world's largest express carrier and largest package delivery company, serving more than 200 countries and territories around the world, with 2000 revenues of $29.7 billion. Headquartered in Atlanta, Ga., the company is located on the Web at www.ups.com.
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Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements, including statements regarding the intent, belief or current expectations of UPS and its management regarding the company's strategic directions, prospects and future results, involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, governmental regulations, our competitive environment, strikes, work stoppages and slowdowns (or customer behavior in anticipation of such events), increases in aviation and motor fuel prices, cyclical and seasonal fluctuations in our operating results, and other risks discussed in the company's Form 10-K and other filings with the Securities and Exchange Commission, which discussions are incorporated herein by reference.
For more information, contact:
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UPS Public Relations
pr@ups.com
404-828-7123
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