UPS Inc., expanding its presence in Costa Rica, said today it will buy a small package delivery company and a brokerage firm both based there. Financial terms of the transactions were not disclosed.
Atlanta-based UPS will acquire small-package firm Union Pak de Costa Rica, S.A., and brokerage company SEISA Brokerage. Both companies have worked for years with UPS authorized service contractors (ASC). The transactions are expected to close in the fourth quarter, UPS said in a statement.
Union Pak de Costa Rica serves various industries with an emphasis on high-tech and medical device manufacturers. SEISA Brokerage provides same-day customs clearance and delivery of package shipments within the Costa Rican Free Trade Zone.
UPS said the addition of the two companies will allow it to better connect Costa Rica's expanding economy to regional and world markets. Costa Rica's annual import and export growth is forecast to grow by 7 percent annually over the next five years, according to the International Monetary Fund.
UPS began serving Costa Rica in 1990.