FedEx Completes Acquisition of Express Business of China's DTW Group.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn. -- FedEx Corp. (NYSE NYSE See: New York Stock Exchange : FDX See full-duplex. fdx - full-duplex ) announced today that it has completed the purchase of Tianjin Datian W. Group Co., Ltd.'s ("DTW DTW Dynamic Time Warping DTW Dance Theatre Workshop (New York, NY) DTW Depth to Water (denotes depth to water in monitoring wells) DTW DoDIIS Trusted Workstation DTW Development Technology Workshop Group") 50 percent share of the FedEx-DTW International Priority express joint venture and DTW Group's domestic express network in China for approximately US$400 million in cash. "China continues to be one of the fastest growing markets in the express industry and a key to FedEx international growth and profitability," said Michael L. Ducker, president, FedEx Express FedEx Express, based in Memphis, Tennessee, USA, is the world's largest cargo airline. It is a subsidiary of the FedEx Corporation and delivers packages and freight to more than 220 countries each day[1]. International. "FedEx is already the industry leader in China. This acquisition will allow us to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. that position and ensure our global customers continued access to China." "With more than 20 years of experience operating in the dynamic Chinese market, this acquisition represents the next step in the evolution of FedEx Express in China," said David L. Cunningham, president, FedEx Express Asia Pacific Operations. "As a wholly foreign-owned enterprise in China, FedEx is able to provide customers with an expanded suite of transportation solutions, as well as the enhanced customer experience that our customers have come to expect." About FedEx Express FedEx Express is the world's largest express transportation company, providing fast and reliable delivery to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, by a definite time and date with a money-back guarantee. About FedEx Corp. FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $34 billion, the company offers integrated business applications through operating companies operating company A business that engages in transactions with outsiders. competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired ad·mire v. ad·mired, ad·mir·ing, ad·mires v.tr. 1. To regard with pleasure, wonder, and approval. 2. To have a high opinion of; esteem or respect. 3. and trusted employers, FedEx inspires its more than 275,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit http://www.fedex.com. For free B-roll/video content about FedEx please log onto www.thenewsmarket.com/fedex to preview and request video. You can receive broadcast-standard video digitally or by tape from this site. Registration and video is free to the media. |
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