Logistics behemoth United Parcel Service (NYSE:UPS) has agreed to acquire time-critical logistics services provider MNX Global. The acquisition is expected to boost UPS’ capabilities in serving healthcare and related industries.
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Specifically, MNX’s expertise in radio-pharmaceuticals and temperature-controlled logistics will help UPS Healthcare and its subsidiary Marken in meeting the rising demand from the healthcare industry. Marken is focused on clinical trial logistics.
For MNX, the deal could potentially help accelerate business growth under the UPS umbrella. While financial details of the deal remained under wraps, it is expected to close by the end of the year. Impressively, MNX has operations in 190 countries and territories. The company’s offerings include air charter, on-demand courier, managed transportation, specialty freight, and next flight out (NFO).
Separately, UPS plans to hire over 100,000 seasonal workers for the 2023 holiday season. In addition, the company recently signed a new five-year contract that covers nearly 340,000 workers.
Is UPS a Good Stock to Buy Now?
Overall, the Street has a consensus price target of $186.11 on UPS, alongside a Moderate Buy consensus rating. Shares of the company have declined by nearly 18.6% over the past six months.
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