Tag: FedEx

FedEx to Acquire Watkins Motor Lines

Posted by | May 26, 2006 | |

FedEx Corporation today announced an agreement to acquire the less-than-truckload (LTL) operations of Watkins Motor Lines and certain affiliates for USD780 million, payable in cash. Heavyweight freight customers will benefit from the additional choice that this new, reliable and cost-effective solution will add to the FedEx Freight portfolio of services. Watkins Motor Lines, a privately held company headquartered in Lakeland, Fla., is a leading provider of long-haul LTL services. With over USD1 billion in annual revenue, Watkins will be rebranded FedEx National LTL and operate as a separate network within the FedEx Freight segment. The transaction is expected to close during the first quarter of fiscal 2007 and is subject to customary conditions, including government approvals. The acquisition is not expected to have a material effect on the fiscal 2007 financial results of FedEx.

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FedEx reported to buy US Watkins

Posted by | May 24, 2006 | |

FedEx is preparing to buy Watkins Motor Lines, the largest privately held LTL carrier in the country, according to a published report. The Memphis Commercial Appeal, citing unnamed sources, said the companies were planning to announce as soon as June 1 a purchase that could be worth some USD1 billion and add 139 terminals and a network that stretches across the country to its FedEx Freight trucking business. FedEx officials did not immediately return calls for comment. Watkins had an estimated USD1.01 billion in revenue last year and was the No. 15 trucking company in the United States based on revenue, according to the consulting firm SJ Consulting.

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UPS, FedEx optimistic about 2006 despite challenges

Posted by | May 22, 2006 | |

UPS Inc. and FedEx Corp. told investors here (the Bear Stearns Global Transportation Conference) they see the rest of the year being at least comparable with and probably superior to the boom that was 2005. However, they also said they grappled with continuing operating challenges. Both rivals are dealing with labor issues. “The economy is steady now, but will be more challenged going forward,” UPS Chief Financial Officer Scott Davis said, referring to difficulties that could be caused by rising energy prices and interest rates. “But we think the small-package sector will grow faster than the economy,” he added. James Hudson, a FedEx vice president, said he thinks business could be particularly good because “we’re expecting industrial production to grow by 3.7% this year, up from 3.2% last year.” He also said he sees 2007 as a “stable” year.

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UK Royal Mail refuses to comment on US talks

Posted by | May 22, 2006 | |

Royal Mail yesterday described a report that it is in talks with the US companies Fedex Corporation and UPS over an alliance with its pan-European parcels business General Logistics Systems as “speculation” and declined further comment. The Sunday Times reported Royal Mail was in talks with the two US companies over what it described as a ground-breaking European alliance. It said chairman Allan Leighton was still undecided which of the two companies to choose but was keen to use GLS to break into the postal markets in France and Germany.

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UK Royal Mail seeks alliance with American parcel giant

Posted by | May 21, 2006 | |

Two of the world’s biggest postal groups, Fedex Corporation and UPS, are in advanced negotiations to set up a groundbreaking European strategic alliance with Royal Mail. Allan Leighton, chairman of Royal Mail, is still deciding which of the two potential American-owned partners to pick but it is thought he is close to creating a new company that could transform the financial prospects of the British mail group. Leighton did not reveal the talks with the two US postal giants — Fedex, which is capitalised at USD33 billion (GBP17.5 billion), and UPS, worth USD52 billion. He wants the European operations of Fedex or UPS to team up with Royal Mail’s General Logistics Systems. GLS runs a pan-European parcels business and is Royal Mail’s most profitable operation.

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