UPS ( UPS) may be a well-run company, Jim Cramer says, but he is concerned about the company's recent purchase of Dutch rival TNT. UPS paid a premium for TNT at a time when European markets are showing little growth. "Is this the right time? And I say is this the right time because I am not hearing any growth out of Europe other than Germany. Now maybe the German business is so strong it makes senses. Maybe people feel like that UPS is taking a long view. I would not have done this deal unless I felt that maybe FedEx was going to buy them as a competitive deal," Cramer said. Cramer says that a slowdown in Europe could hold back the American economy. By owning UPS, an investor is doubling down on that risk by being in both markets. FedEx ( FDX), without that European exposure is a better buy. Though he thinks UPS is a well-run company with a nice dividend, he says it has to come down.