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FedEx Finalizes Acquisition of Watkins Motor Lines

September 18, 2006

MEMPHIS – FedEx Corp. has completed the $780 million acquisition of Watkins Motor Lines, a provider of long-haul LTL services. In 2005, its revenue surpassed $1 billion, according to the Web site www.commercialappeal.com. The operation will be rebranded FedEx National LTL and FedEx Freight Canada. Watkins Motor Lines and its affiliate in Canada give FedEx 140 service centers plus 14,000 tractors and trailers.FedEx National LTL and FedEx Freight Canada will operate as a separate network within FedEx Freight, which also includes FedEx Custom Critical and Caribbean Transportation Services. The purchase allows FedEx to compete with companies providing long-haul services without compromising the speed of its regional trucking network.FedEx Freight, based in Memphis, formed in 2001 when FedEx merged acquisitions American Freightways and Viking Freight. The division has grown 10 percent for 10 consecutive quarters. In the company’s fiscal year ended May 31, the division posted annual revenue of $3.6 billion, 11 percent of FedEx Corp.’s total revenue, according to the Web site www.commercialappeal.com.
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