- UPS has agreed to acquire MNX Global Logistics, bolstering its capabilities in delivering temperature-controlled and time-critical products, the company announced in a news release Thursday.
- Long Beach, California-based MNX’s capabilities in radio-pharmaceuticals and temperature-controlled logistics will help UPS' healthcare segment and clinical trial logistics subsidiary Marken meet growing demand for these services, the release said.
- The transaction is expected to close by the end of the year, subject to regulatory review and approval. Terms of the deal were not disclosed.
With the MNX deal, UPS is advancing its aim to become the top provider of complex healthcare logistics, which CEO Carol Tomé called a strategic objective in an August earnings call. The company expects to generate $10 billion in healthcare revenue in 2023.
"As we look ahead, expect us to continue to acquire enabling capabilities, particularly in those areas that we really want to own," Tomé said. "Healthcare logistics would certainly be one of those."
MNX serves 190 countries and territories, and its clients include multinational companies in the biopharmaceutical, life sciences, high-tech, medical device, aviation and financial industries, according to the release. It offers a range of services, including air charters, managed transportation and service parts logistics.
UPS said in a LinkedIn post that the MNX acquisition also gives it technology that will improve efficiency, reduce transit times and lower costs.
"We continue to invest in services that bring unique value to our customers and create additional growth opportunities for UPS," said Kate Gutmann, EVP and president of UPS International, Healthcare and Supply Chain Solutions, in a statement.
Much of UPS' healthcare growth beyond MNX has come in Europe.
UPS announced the acquisition of Transports Chabas Santé's healthcare logistics unit earlier this month, strengthening its ability to deliver pharmaceutical and biologic treatments across the continent. It has also opened healthcare facilities in Germany and Ireland this year.