UPS sees European crisis more grave now

United Parcel Service (UPS) sees the European sovereign debt crisis as more grave now than a month ago, but said the weak Euro will boost its business shipping packages out of Europe, Reuters reported.

"The weak Euro helps European exports," chief executive Scott Davis said.

UPS has a combined air and ground network in Europe that accounts for 50 percent of its international revenue.

The company also expects its international business to grow. Within five years, Davis said, UPS’ international package and supply chain business should account for 50 percent of its revenue, up from about 40 percent now.

The company sees expansion into Russia as "not far off." It also plans to develop a combined air and ground network in China and make acquisitions in its logistics business.
(Source:www.cargonewsasia.com)