UPS announced has agreed to acquire Menlo Worldwide Forwarding, Inc., a subsidiary of CNF. Menlo Worldwide Forwarding is a global freight forwarder that provides a full suite of heavy air freight forwarding services, ocean services and international trade management, including customs brokerage.

The acquisition reinforces UPS's strategy of providing broad supply chain solutions to enable global commerce. As a result of the acquisition, UPS will expand its global capabilities and add guaranteed heavy air freight services around the world, enabling customers to reach the global marketplace faster.

"This acquisition is an ideal strategic and operational fit," said Bob Stoffel, UPS senior vice president, Supply Chain Group. "Menlo Worldwide Forwarding is a well-established global air freight forwarder, with international trade capabilities, all of which complement UPS's existing operations.

Menlo Worldwide Forwarding currently operates in more than 175 countries and territories in the world. Menlo Worldwide Forwarding's customers include some of the world's most recognized brands across a broad range of industries, including pharmaceuticals, apparel, high tech/electronics, government, consumer goods and retail.

UPS expects to complete the transaction during the fourth quarter of 2004.

UPS is the world's largest package delivery company and a global leader in supply chain services, offering an extensive range of options for synchronizing the flow of goods, information and funds.

For additional info the company can be found on the Web at www.ups.com.