Maersk aims to rival UPS, FedEx after breaking up conglomerate
COPENHAGEN: A.P. Moller-Maersk plans to expand its transport and logistics business to compete directly with package delivery companies UPS and FedEx as part of a major restructuring, its chief executive said yesterday.
Maersk, the world's largest container shipping company, has sold off most of its energy assets to focus entirely on transport and logistics.
"We are building this company that is a global integrated container business, a company very similar to UPS and FedEx," its chief executive Soren Skou told investors at a capital markets day in Copenhagen.
"I hope they will be considered peers of ours, when we are done with this journey in three to five years."
Maersk aims to expand its services to all parts of the supply chain, giving customers the ability to deal with one company when shipping goods from one end of the world to another.
In the biggest deal in breaking up the Maersk conglomerate, French oil major Total purchased the company's North Sea-focused oil and gas business in August in a $7.5 billion deal. - REUTERS