FedEx completes Tatex acquisition
FedEx has completed its acquisition of Tatex.
FedEx has completed its purchase of Tatex in a deal merger and acquisition consultants could have supported.
Tatex is a leading business-to-business transportation firm based in France and it is hoped FedEx will be able to use the brand to grow throughout Europe.
Recently, it purchased Polish courier company Opek and opened 38 stations in the continent.
Buying Tatex should enable customers to use a comprehensive range of domestic and international goods courier options, while giving FedEx access to a domestic ground network that produces annual revenues of around €150 million (£120.5 million).
"Our most recent investments in France demonstrate that we are systematically expanding our network and value proposition in this market," FedEx president, chairman and chief executive officer Frederick Smith said.
During the three months preceding May 31st, FedEx reported it earned $1.73 (£1.11) per diluted share and overall annual revenue of $11 billion, which Mr Smith described as "strong earnings results".
Posted by Ken Hayes
Source: FedEx press release, July 3rd