|
FedEx To Acquire
Certain Assets from Fritz, a UPS Company; Agreement Includes
Customs Clearance Operations and Employees Dedicated to FedEx
Business Editors
MEMPHIS, Tenn.--(BUSINESS WIRE)--Jan. 31, 2002--Tower
Group International, Inc., a subsidiary of FedEx Trade
Networks, Inc., has agreed to acquire the express customs
clearance operations of Fritz Companies, Inc., in four
United States locations. FedEx Trade Networks is one
of five operating companies of FedEx Corp. (NYSE: FDX).
Tower Group will acquire the express clearance operations
currently conducted by the Fritz Companies at FedEx
Express facilities in Memphis, Tenn., Oakland, Calif.,
and Anchorage, Alaska, and support operations located
in Springfield, Mo. FedEx Trade Networks will operate
these facilities through Tower Group, which will extend
employment offers to all of the approximately 1,000
Fritz employees supporting these operations.
"The acquisition of these operations augments FedEx
Trade Networks' customs clearance capabilities and enables
us to strengthen the unparalleled service and reliability
of FedEx Express," said Ed Clark, president and chief
executive officer, FedEx Trade Networks. "Our customers
doing business internationally also will benefit from
improved convenience as we add these operations."
FedEx expects to complete the transaction in the next
thirty days.
As part of the agreement, existing litigation between
the companies concerning Fritz express clearance operations
will be resolved. Additional terms of the transaction
are not being disclosed.
About FedEx Trade Networks
FedEx Trade Networks is one of five operating subsidiaries
of FedEx Corporation, the premier global provider of
transportation, e-commerce, and supply chain management
services. FTN is a provider of customs brokerage, freight
forwarding, consulting, information technology, trade
facilitation, and international transportation solutions.
Its operating companies include FedEx Trade Networks Transport & Brokerage,
Inc., one of the largest customs brokers in North America
and an international freight forwarder; Caribbean Transportation
Services, the leading provider of airfreight forwarding
services between the United States, Puerto Rico and
the Dominican Republic, and WorldTariff, a publisher
of customs duty and tax information.
About FedEx
With annual revenues of $20 billion, FedEx Corp. is
the premier global provider of transportation, e-commerce
and supply chain management services. The company offers
integrated business solutions through a network of subsidiaries
operating independently, including FedEx Express, the
world's largest express transportation company; FedEx
Ground, North America's second largest provider of small-package
ground delivery service; FedEx Freight, a leading provider
of regional less-than-truckload freight services; FedEx
Custom Critical, the world's largest provider of expedited
time-critical shipments; and FedEx Trade Networks, a
provider of customs brokerage, consulting, information
technology and trade facilitation solutions.
--30--DH/na
CONTACT:
FedEx Trade Networks
Sandra A. Munoz, 901/434-7781 or 901/508-2097
samunoz@fedex.com
or
Jennifer McGowan, 404/350-9757 or 901/508-2101
jmcgowan@fedex.com
http://www.fedex.com
NOTE TO EDITORS: FedEx Trade Networks' press releases
are available on the World Wide Web at http://www.fedex.com.
KEYWORD: TENNESSEE
INDUSTRY KEYWORD: AIRLINES TRANSPORTATION MARKETING
AGREEMENTS
SOURCE: FedEx Trade
Networks
|
