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June 20, 2002
FedEx Trade Networks Renames TowerGroup
and Launches New International Shipping Tools
FedEx Trade Networks to form new company structure and
leverage FedEx brand
Memphis, Tenn. (June 20, 2002) - FedEx Trade Networks, Inc.,
a subsidiary of FedEx Corp. (NYSE: FDX), will reorganize its
company structure, implement a new branding strategy and introduce
new international shipping tools, to provide better access
and convenience to customers. These changes allow companies
of all sizes to depend on the FedEx portfolio of services
to help them compete faster and more efficiently around the
world.
"Our customers increasingly look to global sourcing
and selling to simplify their supply chains and open new markets,"
said G. Edmond Clark, president and chief executive officer
of FedEx Trade Networks. "The time is right for us to
make improvements in infrastructure and introduce new technologies
and services that allow FedEx Trade Networks to be the leading
facilitator of trans-continental trade."
Branding and Organizational
Changes
As of July 8, FedEx Trade Networks (FTN) will make the following
changes:
- Tower Group International, Inc., an FTN subsidiary, will
change its name to FedEx Trade Networks Transport &
Brokerage, Inc. This unit will continue to offer customers
superior customs brokerage, international freight forwarding,
and other services to assist with international shipping.
- FedEx Trade Networks will create a new subsidiary, FedEx
Trade Networks Trade Services, Inc., which incorporates
the duty and tax data services of current subsidiary, Worldtariff,
will offer new international consulting services, and introduce
a new set of integrated international shipping resources
known as Global Trade Tools. FTN has hired Mark Neville,
previously the partner in charge of the KPMG Trade and Customs
Practice, to lead the new Trade Services unit.
International Shipping Tools for Large
Customers
Global Trade ToolsSM is a set of applications designed to
streamline, automate, and simplify the international shipping
process for large customers who require the special capabilities
of FTN. Global Trade Tools is directly integrated into a customer's
supply chain management or logistics system, providing a timely
solution to previously paper-intensive and lengthy international
shipment processing. Customers supply shipment information
via a direct computer link and Global Trade Tools "processes"
the international transactions. Its features include everything
from Harmonized System (HS) classification to document preparation.
In addition to the integration resources offered to large
customers by FTN, FedEx Express offers FedEx® Global Trade
Manager, a web-based application designed to help small and
medium sized businesses. FedEx Express is the first to offer
a carrier-provided online duty and tax estimator, available
through FedEx® Global Trade Manager, which can be accessed
via fedex.com.
Other Significant Developments
- FedEx Trade Networks acquired the express customs clearance
operations of Fritz Companies, Inc. in Memphis, Tenn., Oakland,
Calif., Anchorage, Alaska and Springfield, Mo., in 2002,
making FTN America's largest customs broker. These newly
acquired operations support the international services of
FedEx Express.
- FedEx Trade Networks created new alliances with freight
forwarders in Europe (Frans-Maas) and Asia (S-Net Holdings)
in 2002, offering improved service and expanded geographic
coverage.
- The company introduced two new services in 2002, FedEx
Trade Networks Ocean-Ground DistributionSM and FedEx Trade
Networks Air-Ground DistributionSM, which offer ocean or
air transportation from Asia and Europe to multiple points
within the US, combined with services offered by other FedEx
operating companies, including FedEx Freight, FedEx Ground
and FedEx Express.
- FedEx Trade Networks formed a strategic alliance with
NextLinx Corporation (NextLinx) in 2000, a leading provider
of global trade management solutions. The alliance included
an equity investment by FedEx Corp. and a special licensing
agreement with FTN. NextLinx is a supplier of content and
technology for Global Trade Tools.
FedEx Trade Networks will now offer services through its
new Transport & Brokerage and Trade Services units as
well as Caribbean Transportation Services, Inc., the largest
heavyweight airfreight forwarder between the U.S. and Puerto
Rico. Caribbean Transportation Services, which also offers
service to the Dominican Republic, will retain its current
identity.
About FedEx
With annual revenues of $20 billion, FedEx Corp. (NYSE:FDX)
is the premier global provider of transportation, logistics,
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, the largest U.S. 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
clearance, international freight forwarding and trade facilitation.
CONTACT: FedEx
Public Relations:
Jennifer McGowan, 305/392-3982
jmcgowan@fedex.com
www.fedex.com
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