UPS Agrees To See Its Freight-Brokerage Division For Less Than It Paid For The Business In 2015

ATLANTA (AP) — UPS is selling its freight-brokerage business for less than it paid for the business back in 2015.

UPS said Sunday it agreed to sell its Coyote Logistics division to RXO for just over $1 billion.

UPS CEO Carol Tome says the sale will help her company focus on its core package-delivery business.

Freight brokers are middlemen between shippers and carriers such as UPS.

RXO is a freight broker based in Charlotte, North Carolina, and it says it will nearly double in annual revenue by buying Coyote from UPS.

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