Tag: USA

FedEx to Acquire Kinko's; Expands Global Presence in 1,200 Stores

Posted by | Dec 30, 2003 | |

FedEx Corporation and Clayton, Dubilier & Rice, Inc., today jointly announced an agreement for FedEx to acquire Kinko’s for US$2.4 billion, payable in cash. The transaction is not expected to have a material impact on fiscal 2004 results but is expected to be accretive to earnings in fiscal 2005, which begins June 1, 2004. “The FedEx and Kinko’s combination will substantially increase our retail presence worldwide and will enable both companies to take advantage of growth opportunities in the fast-moving digital economy,” said Frederick W. Smith, chairman, president and chief executive officer of FedEx Corp. “Our two companies share a similar background, culture and customer focus, and that common ground is extremely important as we prepare for future growth and success.” Privately-held Kinko’s operates approximately 1,200 stores worldwide and estimates annual revenue of about $2 billion for its year ending December 31. Funds managed by Clayton, Dubilier & Rice, a global private equity investment firm, own approximately 75 percent of Kinko’s outstanding shares.

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USPS sued over slow priority mail

Posted by | Dec 30, 2003 | |

The U.S. Postal Service falsely advertises its Priority Mail service as faster than less expensive first-class mail for some deliveries, a lawsuit says. Consumers Daniel Foote and John Foote, who sued in U.S. District Court in Los Angeles, claim the Postal Service doesn’t provide any kind of “meaningful expedited delivery” of Priority Mail weighing less than 13 ounces for distances less than 300 miles away. The suit seeks a court order barring the Postal Service from advertising priority treatment as long as the results are similar to first-class mail.

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UPS and Fedex urge DOT to overturn Astar ruling

Posted by | Dec 22, 2003 | |

United Parcel Service and FedEx Corp. urged the U.S. Department of Transportation to overrule a recommendation by its own administrative law judge that Astar Air Cargo be allowed to operate as a U.S.-licensed airline. The two big express carriers contended that Astar is controlled by DHL International and its corporate parent, Deutsche Post World Net, and does not meet requirements that domestic airlines by majority-owned by U.S. citizens. It’s unlikely, however, that DOT will overrule Kolko’s recommendation. The department had ruled on previous occasions that DHL Airways complied with U.S. citizenship requirements. It only complied with the demand by FedEx and UPS for an open hearing after legislation passed last spring mandated the appointment of an administrative law judge to investigate DHL Airways’ ownership.

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Pitney Bowes and Stamps.com Settle Patent Lawsuits

Posted by | Dec 22, 2003 | |

Mail metering company Pitney Bowes and Web postage service Stamps.com said they have settled four years of litigation over technology patents for buying and printing postage via the Internet.

The companies said the settlement includes a five-year patent cross-licensing agreement. Pitney’s patent licenses may be used in all metering applications, and Stamps.com’s patent licenses may be used in “non-traditional” metering applications, such as Internet postage.

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Deutsche Post welcomes US judge's decision on DHL and ASTAR

Posted by | Dec 21, 2003 | |

Deutsche Post World Net AG has welcomed the decision of a US federal judge that the cooperation between Post subsidiary DHL and US airline ASTAR Air Cargo is legal.

According to a press release from ASTAR, US Department of Transportation (DOT) administrative law judge Burton Kolko ruled that ASTAR is indeed owned and controlled by US citizens and can continue to operate. Under US law, US certified airlines must be ‘citizens of the United States’.

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