UPS Capital, a subsidiary of UPS which provides supply chain financial, insurance and payment services, has announced the acquisition of Parcel Pro, an independent logistics provider to the jewellery, wristwatch and collectibles industries.
“The synergies between UPS Capital and Parcel Pro will greatly benefit customers shipping high-value products,” said Ronald Chang, President of UPS Capital. “The acquisition enhances our supply chain risk mitigation capabilities, providing global logistics expertise and peace of mind to customers who need to ship their valuable goods. Many jewellery retailers have insurance policies that cover their inventory, but shipping losses are not always covered by these policies.”
UPS states that most shipping insurance is limited to $50,000 in the US and $500 internationally in value per package. This means that companies have to split up shipments, leading to increased transportation and labour costs. UPS Capital and Parcel Pro use their technology and security to insure shipping within the US for up to $150,000 in value per package and internationally to selected countries for up to $100,000 per package. The increased maximums allow companies to ship more items in one package, which is logistically easier and more cost effective.
“Parcel Pro’s mission is to provide the most affordable, reliable, secure and convenient services for our industry customers to ship and insure valuable goods. We believe that the acquisition by UPS Capital supports our mission and will only benefit our customers, as well as UPS Capital customers who ship high-value items,” said Joseph Lam, Chief Executive Officer of Parcel Pro. “Our customers will continue to receive best-in-class service and protection for in-transit goods, and also have access to the greatly expanded capabilities, financial strength and stability that comes with UPS and UPS Capital.”
With the acquisition of Parcel Pro, UPS Capital gains the capability to offer customers a turn-key solution that combines insurance services with logistics and enables customers to ship items more cost efficiently and securely.
Parcel Pro’s proprietary technology platform provides online tracking and visibility, e-reporting, web access and shipping, including via smart phone applications. The company has locations in the major jewellery districts of New York, Los Angeles, San Francisco, Miami, Hong Kong, Tokyo and Singapore and provides local customer service, as well as armed guard pick-ups and deliveries in New York, Los Angeles and Beverly Hills, California.
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