FEDEX ADDS 400,000 EMPLOYEES WITH ACQUISITION OF TNT EXPRESS

FedEx now has nearly 400,000 employees worldwide and revenues of $58 billion a year.

The Memphis, Tenn.-based company grew substantially last week when it acquired the European parcel delivery powerhouse TNT Express for nearly $5 billion.

Frederick W. Smith, chairman and CEO of FedEx spoke about the merger in a press release.

“The timing of this historic event is important, particularly in the current market environment where global e-commerce is growing at double-digit rates,” Smith said. “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.”

FedEx is now in a virtual dead heat with UPS in terms of revenues, although UPS has about 40,000 more employees.

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