FedEx completes TNT Express purchase
FedEx has completed its €4.4bn acquisition of TNT Express – creating a new entity which it says will “reshape the global transportation and logistics industry”. “This acquisition is a significant accomplishment and marks the beginning of a new era, filled with promise for our people, customers and shareowners,” said Frederick W. Smith, Chairman and CEO of FedEx. “We are proud to celebrate the joining of two iconic companies and the approximately 400,000 team members who are committed to serving customers around the world.”
Smith continued: “The timing of this historic event is important, particularly in the current market environment where global e-commerce is growing at double-digit rates.
“Adding TNT’s capabilities to our existing world-class suite of services, including GENCO and the recently relaunched FedEx CrossBorder, will further expand the ability of FedEx to support business connections around the world.”
“Over our 43 year history, FedEx has repeatedly reinvented and revolutionized the industry, from the first overnight express service backed by a money-back guarantee to the invention of internet shipping. And just as we revolutionized the U.S. domestic parcel business through the acquisition and development of what is now FedEx Ground, the acquisition of TNT will change the way customers view FedEx around the world.”
In a joint statement issued today (25 May), FedEx and TNT Express said that, now the acquisition is complete, “the integration process will begin immediately”.
The statement added: “In the near term, customers can expect to interact with each company as they always have and receive the world-class service they have come to expect. Once the integration is complete, FedEx expects customers to enjoy an expanded global offering that draws upon the breadth of expertise from both companies.”
