UPS TO BUY STAKE IN SINGAPORE-BASED LOGITSICS COMPANY
United Parcel Service said it plans to buy a 5.5 percent stake in a Singapore-based forwarder and logistics firm called Airocean Group.
Airocean is launching an initial public offering of stock next week. UPS will buy 4.3 million shares for about $340,000.
In return, UPS will control one of Airocean's board seats, and Airocean will not be able to do business with UPS competitors.