US FedEx completes USD 780 million buy of Watkins Motor Lines
FedEx Corp. has completed its purchase of private trucking company Watkins Motor Lines, adding long-haul services to its freight portfolio.
The Memphis, Tenn.-based package delivery company announced in May it would buy Lakeland, Fla.-based Watkins, a long-haul, less-than-truckload (LTL) business, for USD 780 million in cash.
Watkins has about USD 1 billion in annual revenue. FedEx’s LTL division, FedEx Freight, had revenue of about USD 3.6 billion last year.
The operations of Watkins Motor Lines and Watkins Canada Express, Watkins’ LTL carrier in Canada, will be rebranded as FedEx National LTL and FedEx Freight Canada, respectively, according to a news release.
FedEx rival United Parcel Service Inc. added LTL services last year with the acquisition of Overnite Transport for USD 1.25 billion. Overnite has been rebranded as UPS Freight.
