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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
04/11/201414:03:05Investigators Seek Cause of Collision Between FedEx Truck and...
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03/19/201412:20:35MARKET SNAPSHOT: U.S. Stocks Down Slightly Ahead Of Fed Meeting
03/19/201412:13:11U.S. Hot Stocks: Hot Stocks to Watch
03/16/201415:04:43MARKET SNAPSHOT: Stocks To Stay Volatile As Ukraine Game Plays...
03/14/201417:59:10UPS to Raise Some Shipping Rates 4.4%
03/03/201409:30:27FedEx to Raise Freight Shipping Rates
03/03/201409:20:19FedEx to Raise Freight Shipping Rates 3.9%
02/18/201419:37:15Obama Sets Deadline for Higher Fuel Standards for Freight Trucks...
02/12/201416:09:26Atlas Air Sees Slide in Pentagon Flying
01/30/201417:20:25Private Lawsuit Alleges Northrop Grumman Defrauded U.S. of $62...
01/23/201420:28:17Delivery Companies Face Issues With Shipments to Individuals...
01/23/201417:22:37Delivery Companies Face Issues With Shipments to Individuals...
01/23/201416:17:52Delivery Companies Face Issues With Shipments to Individuals...
01/23/201415:23:39Some Delivery Companies Halt Individual Customer Service to Russia...
12/30/201318:27:12New York City Sues FedEx Over Cigarette Shipments, Seeks $52...
12/18/201316:02:22MARKET SNAPSHOT: U.S. Stocks Soar As Fed Scales Back Stimulus
12/18/201315:13:54MARKET SNAPSHOT: U.S. Stocks Jump On Fed Announcement

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