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UPS to buy Italy's Bomi Group to expand its healthcare logistics business
By Arghyadeep Dutta - Aug 08, 2022, 02:15 PM ET
Last Updated - Mar 13, 2024, 11:17 AM EDT
United Parcel Service Inc (NYSE: UPS) on Monday said it would buy Italy-based healthcare logistics firm Bomi Group to bolster its capability in delivering next-generation pharmaceutical and biologic treatments that increasingly require time-critical and temperature-sensitive logistics
United Parcel Service Inc (NYSE: UPS) on Monday said it would buy Italy-based healthcare logistics firm Bomi Group to bolster its capability in delivering next-generation pharmaceutical and biologic treatments that increasingly require time-critical and temperature-sensitive logistics.
The US delivery giant is focusing on high-margin businesses to offset declining parcel volumes as the pandemic-fuelled e-commerce boom softens.
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The deal will help UPS expand its temperature-controlled supply-chain logistics to support the deployment of COVID-19 vaccines globally.
Founded in 1985 in Milan’s Lombardy region, Bomi Group helps healthcare providers with warehousing and logistics for sensitive pharmaceutical products across Europe and South America.
The deal will “significantly improve our healthcare customers’ ability to continue to develop and deliver life-saving innovations,” UPS said in a statement.
The financial details of the deal are undisclosed.
UPS said it expects to add more than 350 temperature-controlled vehicles and four million square feet across 14 countries from the deal.
Europe is the largest region outside of the United States where UPS operates, accounting for nearly half of the company’s international package segment revenue last year, according to filings.
Bomi’s CEO Marco Ruini will continue to head the Italian firm after the deal, UPS said, adding that Bomi’s employees would continue in the combined organization.
Picture Credit: Reuters
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