UPS plans initial public offering

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Atlanta--United Parcel Service of America announced Wednesday that it plans to complete by the end of the year an initial public offering of 10% of the company. The move was taken in part to provide UPS with greater financial freedom to respond to the changing global marketplace and to put the company in position to make acquisitions, James Kelly, UPS chairman-CEO, said. The controlling ownership will remain in the hands of the family of James Casey, the founder of the company, and UPS employees, who currently own about two-thirds of the company. The move must be approved by current shareholders.
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