FedEx Corporation
Summary
- FedEx Corporation is an American multinational conglomerate holding company.
- The company is one of the world's largest courier delivery services, providing overnight delivery to more than 220 countries and territories.
- FedEx Announces Consolidation of Operating Companies.
FedEx Corporation (NYSE: FDX, LSE: 0QZX) is an American multinational conglomerate holding company focused on transportation, e-commerce and business services, based in Memphis, Tennessee. The company is one of the world's largest courier delivery services, providing overnight delivery to more than 220 countries and territories.
Recent Developments
FedEx Announces Planned Consolidation of Operating Companies1
April 5, 2023; FedEx Corp. is announcing that it will consolidate its operating companies into one organization, creating efficiencies that will enhance the company's ability to meet the evolving needs of customers and ultimately build a stronger, more profitable enterprise.
This phased transition, with full implementation expected in June 2024, will ultimately bring FedEx Express, FedEx Ground, FedEx Services, and other FedEx operating companies into Federal Express Corporation, becoming a single company operating a unified, fully integrated air-ground network under the respected FedEx brand. FedEx Freight will continue to provide less-than-truckload freight transportation services as a stand-alone company under Federal Express Corporation. Raj Subramaniam will serve as President and CEO of the combined organization.
Company Overview
FedEx Corporation (“FedEx”) was incorporated in Delaware on October 2, 1997 to serve as the parent holding company and provide strategic direction to the FedEx portfolio of companies. FedEx provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce, and business services, offering integrated business solutions through operating companies competing collectively, operating collaboratively, and innovating digitally as one FedEx. These companies are included in the following reportable business segments:2
FedEx Express: Federal Express Corporation (“FedEx Express”) is the world’s largest express transportation company, offering time-definite delivery to more than 220 countries and territories.
FedEx Ground: FedEx Ground Package System, Inc. (“FedEx Ground”) is a leading North American provider of small package ground delivery services. FedEx Ground provides low-cost, day-certain service to any business address in the U.S. and Canada, as well as residential delivery to 100% of U.S. residences through its FedEx Home Delivery service. FedEx Ground Economy specializes in the consolidation and delivery of high volumes of low-weight, less time-sensitive business-to-consumer packages.
FedEx Freight: FedEx Freight Corporation (“FedEx Freight”) is a leading North American provider of less-than-truckload (“LTL”) freight transportation services across all lengths of haul to businesses and residences. Within the contiguous U.S., FedEx Freight offers FedEx Freight Priority, when speed is critical to meet a customer’s supply chain needs; FedEx Freight Economy, when a customer can trade time for cost savings; and FedEx Freight Direct, a service to meet the needs of the growing e-commerce market for delivery of big and bulky products to or through the door for residences and businesses. FedEx Freight also offers freight delivery service to most points in Puerto Rico and the U.S. Virgin Islands.
FedEx Services: FedEx Corporate Services, Inc. (“FedEx Services”) provides sales, marketing, information technology, communications, customer service, technical support, billing and collection services, and certain back-office functions that support its operating segments.
FedEx Express’s aircraft fleet
As of May 31, 2023, FedEx Express’s aircraft fleet consisted of the following:
| Description | Owned | Leased | Total | Maximum Gross Structural Payload (Pounds per Aircraft) |
| Boeing B777F | 50 | 3 | 53 | 2,33,300 |
| Boeing MD11 | 41 | 5 | 46 | 1,92,600 |
| Boeing 767F | 128 | — | 128 | 1,27,100 |
| Airbus A300-600 | 56 | 9 | 65 | 1,06,600 |
| Boeing 757-200 | 115 | — | 115 | 63,000 |
| ATR-72 600F | 13 | — | 13 | 19,290 |
| ATR-72 | 19 | — | 19 | 17,970 |
| ATR-42 | 18 | — | 18 | 12,070 |
| Cessna 408 | 9 | — | 9 | 6,000 |
| Cessna 208B | 234 | — | 234 | 2,830 |
| Total | 683 | 17 | 700 |
FedEx Express operated more than 82,000 vehicles in its global network.
Acquisitions
Here are some FedEx Corporation acquisitions.3
| Year | Acquisitions |
| 1984 | Gelco Express International |
| 1989 | Tiger International |
| 1995 | Evergreen International Airlines |
| 1998 | Caliber System and its subsidiaries: RPS, Roberts Express, Viking Freight, Caribbean Transportation Services, Caliber Logistics, and Caliber Technology |
| 2000–2001 | Acquisitions rebranded as part of the FedEx family, including FedEx Express, FedEx Ground, FedEx Custom Critical, FedEx Global Logistics, and FedEx Freight; FedEx Corporate Service, Inc. (or “FedEx Services”) formed to centralize sales, marketing, customer service, and IT support for FedEx Express and FedEx Ground |
| 2000 | Tower Group International, rebranded as FedEx Trade Networks and then FedEx Logistics |
| 2001 | American Freightways |
| 2004 | Kinko’s, rebranded as FedEx Kinko’s, then as FedEx Office in 2008 |
| 2004 | Parcel Direct, rebranded as FedEx Ground® Economy |
| 2006 | ANC Holdings (U.K.), rebranded as FedEx UK; Watkins Motor Lines |
| 2007 | Tianjin Datian W. Group (China)—50% share of the joint venture between FedEx and DTW International Priority Express, along with DTW Group’s domestic express network in China |
| 2007 | Flying-Cargo (Hungary) |
| 2011 | Prakash Air Freight (PAFEX) and AFL/Unifreight India |
| 2011 | MultiPack (Mexico) |
| 2012 | Opek (Poland) |
| 2012 | TATEX (France) |
| 2012 | Rapidão Cometa (Brazil) |
| 2014 | Supaswift businesses (South Africa, Botswana, Malawi, Mozambique, Namibia, Swaziland, and Zambia) |
| 2014 | Bongo International, rebranded as FedEx Cross Border (North America) |
| 2015 | GENCO, rebranded as FedEx Supply Chain (North America) |
| 2016 | TNT Express (Europe) |
| 2017 | Northwest Research |
| 2018 | P2P Mailing Limited |
References
- ^ https://investors.fedex.com/news-and-events/investor-news/investor-news-details/2023/FedEx-Announces-Planned-Consolidation-of-Operating-Companies/default.aspx
- ^ https://s21.q4cdn.com/665674268/files/doc_financials/2023/ar/419404-1-_10_FedEx_AR_WR.pdf
- ^ https://www.ballard.com/about-ballard/newsroom/news-releases/2023/11/06/ballard-announces-orders-for-62-hydrogen-fuel-cell-engines-to-power-solaris-buses-in-europe
