UPS closes on purchase of Polar Speed

UPS said Tuesday that it has completed its acquisition of Polar Speed, a company that helps deliver temperature-sensitive pharmaceutical supplies in the United Kingdom. Financial terms were not disclosed.

United Parcel Service Inc. said that the deal further strengthens its European network.

"Our combined services will ensure health care companies have access to the best temperature-sensitive transportation solutions and allow us to effectively handle the rising demand for temperature-sensitive pharmaceutical and biologic products," Cindy Miller, president of UPS Europe, said in a statement.

U.K.-based Polar Speed has 118 actively monitored temperature-controlled vehicles for transporting both refrigerated and room-temperature products in accordance with certain U.K. guidelines.

UPS, which is based in Atlanta, has been bolstering its efforts in the health care sector. The company recently purchased Hungarian pharmaceuticals-delivery Cemelog Zrt for an undisclosed amount. It's also opened a health care facility in China and expanded six of its North American health care facilities.

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