UPS to Take Control of Operations in China
From Associated Press
Shipping carrier UPS Inc. will take direct control of a large share of its joint venture operations in China next year, the company said.
Atlanta-based UPS said it would pay $100 million to China National Foreign Trade Transportation Group Corp., better known as Sinotrans Group, to take direct control of their joint venture operations in 23 locations covering 200 Chinese cities.
China has agreed to let foreign courier companies operate wholly owned international express mail businesses on the mainland starting at the end of next year as a condition of its membership in the World Trade Organization.
