Dallas, Texas 10/10/2013 (Financialstrend) – GP Strategies Corporation (NYSE:GPX) is a global engineering and building services provider. On October 9, the company announced that one of its key business unit “alternative fuels business” has been awarded a multimillion dollar contract from UPS. This contract will allow GPX to construct 13 “liquefied natural gas” fuelling stations for UPS. These stations will be spread across United States.
UPS will be using the services of the engineering firm to design customized fuelling stations to meet the needs of its fleet of vehicles. Each of these stations will involve a minimum of three or more storage tanks coupled with two or more fuel dispensers. UPS envisions to service close to 100 or more trucks and other vehicles on a daily basis at each of these fuel stations. GPX has been tasked to plan the stations keeping in mind UPS expansion needs over the next couple of decades. Hence the turn key provider has to work in provisions for adding more storage tanks and dispensers over the next few years into the current fuel station plans. UPS hopes to involve GP Strategies in future expansion projects as it aims to increase its fleet of more than 1000 LPG fuelled trucks across the United States. The Vice President of GP Strategies Michael Mackey has been quoted as saying “GP Strategies is excited to be working with UPS in support of their mission to convert their fleet to clean, domestic natural gas.”
On the back of this news, the stock of this company went up by 1.69% after trading began on October 9. As of 11 AM ET, the share price was hovering around the $25.34. At these valuations the stock is trading 9.95% below its 52 week high valuations and is up 37% from its 52 week low pricing.