Reuters: Mergers News: UPDATE 1-Fedex to buy Polish shipping company Opek

Reuters: Mergers News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Fedex to buy Polish shipping company Opek Apr 5th 2012, 13:56 Thu Apr 5, 2012 9:56am EDT * Terms not disclosed * FedEx sticking to organic growth, small purchases in Europe April 5 (Reuters) - FedEx Corp said Thursday it is buying family-owned Polish shipping company Opek Sp.z o.o, for an undisclosed amount, as it steadily expands in Europe. FedEx, the world's No. 2 package delivery company, has said it plans to grow organically and through small purchases in Europe, where it expects a mild Euro-zone recession. Its FedEx Express division will have access to Opek's domestic ground network, which has an estimated $70 million in revenue and 12.5 million shipments annually, Memphis, Tennessee-based FedEx said in a statement. The transaction is expected to close in the summer. "We have an excellent strategy that has steadily advanced our position in the region, and we are well-positioned for profitable growth as we increase the number of direct-served locations in Europe," FedEx Chief Executive Officer Frederick W. Smith said in a statement. FedEx entered the Polish package delivery market in 1989. Larger rival United Parcel Service Inc last month agreed to buy Dutch company TNT Express NV for about $6.8 billion. UPS's purchase of TNT will boost its position as the world's largest package delivery company outside the United States. Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions