FedEx said Thursday it has signed an agreement to acquire French express delivery company TATEX. No transaction price was revealed.
FedEx has been trying to shore up its position in Europe in the aftermath of rival United Parcel Service’s decision to acquire Amsterdam-based TNT Express. “The acquisition represents the latest FedEx investment in delivering sustainable growth in Europe,” it said in a statement.
Privately held TATEX, founded in 1976, employs more than 1,000 workers. It is focused on business-to-business expedited delivery in France. It has 35 shipping centers including six regional hubs.
“The acquisition will give FedEx Express access to a nationwide domestic ground network, which carries 19 million shipments and produces approximately €150 million [$194.5 million] in revenue annually,” FedEx said. “This latest development demonstrates the company’s continued focus on European expansion through smart, strategic investments, and organic growth.”
FedEx signed an agreement last month to buy Polish courier company Opek.
Article Source : ATW Daily News
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