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FedEx's Smith: To Expand In Europe 'Primarily Through Organic Growth'

By Bob Sechler Of DOW JONES NEWSWIRES FedEx Corp. (FDX) Chief Executive and founder Fred Smith declined to comment Thursday on rival United Parcel Service Inc.'s (UPS) plan to buy Dutch company TNT Express (TNTE.AE), although he reiterated his view that FedEx has no strategic need for a big acquisition in Europe. FedEx's express division "has a profitable, multi-billion-dollar business in Europe, and it is growing stronger," Smith said on a post-earnings conference call with analysts. He added that he's confident in FedEx plans "to continue expansion [in Europe] primarily through organic growth." On Monday, UPS announced it has agreed to buy smaller rival TNT Express in an all-cash deal valuing the Dutch package shipper at $6.80 billion. If the deal goes through, UPS would have 35% of the market for next-day parcel delivery in Europe, according to research firm Transport Intelligence, second behind Deutsche Post AG (DPW.XE) unit DHL's 39%. FedEx has 12% of the market, according to Transport Intelligence. FedEx has grown in Europe primarily through small deals, such as its 2007 purchase of Hungarian logistics company Flying-Cargo Hungary Kft. for undisclosed terms, and its late 2006 purchase of British transport company ANC Holdings Ltd. for $234 million. FedEx also has invested organically in Europe, expanding its air hubs in Paris and Cologne, Germany, in recent years. Meanwhile, FedEx said Thursday that its view of the economy, both in the U.S. and globally, has tempered a bit. The company forecast growth in U.S. gross domestic product at 2.1% for 2012, compared to a previous forecast of 2.2%. It forecast global GDP growth of 2.3%, from a previous view of 2.9%. -By Bob Sechler; Dow Jones Newswires; 512-258-1690; bob.sechler@dowjones.com

Stock News for Fedex (FDX)
DateTimeHeadline
02/05/201609:49:00TNT to Sell Airline Operations to ASL Aviation for Undisclosed...
02/03/201616:00:00FedEx to Invest $200 Million in More Than 200 Global Communities...
02/02/201601:00:00Brazil’s Conselho Administrativo de Defesa Econômica Unconditionally Ap...
01/30/201613:00:00FedEx Delivers Vince Lombardi Trophy to Bay Area Fans in Advance...
01/26/201618:34:00FedEx Authorizes New Share-Repurchase Program
01/26/201617:10:00FedEx Announces 25 Million Share Repurchase Program
01/26/201614:12:05Amended Statement of Ownership (sc 13g/a)
01/26/201605:57:0050 Percent of Teens Admit to Crossing the Street while Distracted...
01/22/201614:09:00Snowstorm Disrupting Operations for Ports, Railroads, Package...
01/12/201608:20:00XPO Logistics Trucking Subsidiaries Sued Over Driver Classification
01/12/201600:40:00XPO Logistics Subsidiaries Sued for Misclassifying Drivers
01/09/201603:02:00FedEx-TNT Express Deal Clears Hurdle In Europe
01/08/201613:00:00FedEx and TNT Express Jointly Confirm Further Extension of Acceptance...
01/08/201612:04:00EU Approves FedEx Acquisition of TNT Express -- 2nd Update
01/08/201607:23:00EU Approves FedEx Acquisition of TNT Express -- Update
01/08/201606:30:00EU Approves FedEx Acquisition of TNT Express
01/08/201606:12:00EU Approves FedEx Acquisition of TNT Express
01/08/201605:00:00European Commission Unconditionally Approves FedEx Intended Acquisition...
01/07/201615:45:42Statement of Changes in Beneficial Ownership (4)
12/29/201515:20:00UPS Improves Holiday Performance By Adding a Day to Delivery...

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