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Royal Mail says GLS acquires Postal Express in US

06 April 2017 09:03

Royal Mail said General Logistics Systems (GLS) had acquired the US overnight parcel delivery company Postal Express for total consideration of about $13.3m.

The transaction was expected to be economic profit accretive for GLS in 2018-19. Postal Express operated in the states of Washington, Oregon, and Idaho.

This acquisition, said Royal Mail, followed the purchase of Golden State Overnight Delivery Service Inc (GSO), the regional carrier acquired by GLS in October 2016.

Postal Express generated revenue of about $42m and delivered about 8.7m parcels in the year ended 31 December 2016. It would be consolidated within GLS for reporting purposes, but managed as a separate entity.

At 9:03am: (LON:RMG) Royal Mail Plc share price was -1.1p at 409.9p

Story provided by StockMarketWire.com

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