UPS Inc. plans to invest $1 billion in its European operations in the next three to five years, chief financial officer Kurt Kuehn told a German newspaper, Reuters reported.

A majority of the investment would go to expanding the company’s logistics centers in Germany, one of the company’s fastest growing markets.

Kuehn said the company’s new strategy will be announced in November and involves acquisitions, especially in the health-care sector, according to Reuters.

In January 2013 ,UPS abandoned its $6.8 billion bid to buy European package carrier TNT Express NV after European regulators moved to block the deal. The company said it would focus on other acquisitions consistent with its long-term growth strategy.

UPS is ranked No. 1 on the Transport Topics Top 100 list of the largest U.S. and Canadian for-hire carriers.