FedEx has dropped its Russian partner Emex and signed a new Global Service Partner (GSP) contract with transport group Major. The new Russian GSP is Major Express, the express division of Major, which was foundedin 2003. The Major group, created in 1998, is represented all over Russia with 90 regional offi ces and 2,500 sites, and offers a wide range of freight transport by road, rail, air and sea. Major is also an exclusive partner of air freight forwarder Expeditors. … [Read more...] about FedEx switches partners in Russia
ABX Air buys B767 freighter
ABX Air said it has agreed to purchase a 767-200ER from Air China and convert it to a freighter for long-haul international operations. The US-based cargo carrier said the total cost to acquire and convert the aircraft will bearound US$23 million. ABX primarily operates as a DHL subservice carrier in the US, but is eager to grow non-DHL operations outsideNorth America. “We continue to expand our presence in the ACMI charter industry and look forward to adding this aircraft to our … [Read more...] about ABX Air buys B767 freighter
FedEx to expand Kinko’s network
FedEx Kinko’s has announced a major expansion plan to open 300 new offi ce and print centres in the US throughout fi scal 2008. The company also will redesign 110 existing centres. FedEx Kinko’s currently has more than 1,700 locations in operation in the US. The company said it also plans to open twenty new centres outside the US during fi scal 2008. These new centres will be focused in the Asia- Pacifi c region, with twelve in China, four in Japan, two in Korea, and one in … [Read more...] about FedEx to expand Kinko’s network
UPS starts hub construction
The Shanghai Airport Authority and UPS last month conducted a formal groundbreaking ceremony for the UPS International Air Hub at Pudong International Airport. Located at the southern end of the West Cargo Terminal Area, the new hub will be built on a parcel totaling one million square feet and will open next year. Rapid expansion is planned to a sorting capacity of 17,000 pieces per hour. The new hub will link all of China via Shanghai to UPS’ international network with direct service … [Read more...] about UPS starts hub construction
FedEx could be private equity target
FedEx could become a target for private equity buyers because of its modest valuation and turnaround potential, Barron’s reported. With an enterprise value of US$35 billion, FedEx is valued at about six times expected fi scal 2008 earnings before interest, taxes, depreciation and amortisation. Barron’s said the attraction for buyout fi rms would be the potential to cut capital expenditures to help fi nance a deal as well as the opportunity to turn around ailing retail unit FedEx … [Read more...] about FedEx could be private equity target
UPS talking pension issues
UPS hopes to resume talks with the Teamsters union toward a new contract soon, a company spokesman said. The two sides put talks on hold last month while UPS sought more information about a union pension plan that draws support from UPS and other employers. Teamsters offi cials have said UPS wants to pull its employees out of the plan. UPS and the Teamsters, which represent about 246,000 workers at the company, have been in contract talks since September. Teamsters president James Hoffa said … [Read more...] about UPS talking pension issues
