FEDEX HOPES TO RETAIN FORMER UPS CUSTOMERS.Byline: Woody Baird Associated Press Federal Express reaped a windfall of new business from the Teamsters Teamsters large, powerful union of U. S. truckers. [Am. Hist.: NCE, 2703] See : Labor strike at competitor United Parcel Service United Parcel Service, Inc. (NYSE: UPS), commonly referred to as UPS, is the world's largest package delivery company, delivering more than 15 million packages[1] a day to 6.1 million customers in over 200 countries and territories around the world. , and now is taking steps to hold on to those new customers. The Memphis-based cargo airline announced plans Monday for a $2.4 billion acquisition that will put it more squarely in competition with UPS and increase FedEx's involvement in the logistics side of business shipping. FedEx said it is acquiring Caliber System Inc., the parent of RPS rps abbr. revolutions per second Inc., a trucking company that focuses on nonexpress shipments. FedEx specializes in express shipments and overnight service. Federal Express said it will form a new holding company, FDX See full-duplex. fdx - full-duplex Corp., under which FedEx and Caliber will run separate but complementary operations. The merger, which is expected to be completed early next year, requires approval from government regulators and shareholders. |
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