Release Date: 24 March 2006
Release ID: 351
MEMPHIS, Tenn.-March 24, 2006--FedEx Express, the largest subsidiary of FedEx Corp. (NYSE: FDX), will now have the rights to operate three additional weekly frequencies to China, bringing its total to 26. With these frequencies, which were awarded by the U.S. Department of Transportation, FedEx Express will maintain its leadership position with more all-cargo flights to and from China than any other U.S. cargo airline.
"FedEx saw the promise in China more than 20 years ago. China's role in the global marketplace continues to escalate. In fact, China is expected to be the fastest- growing market for air cargo, averaging more than 10 percent per year between 2003 and 2023," said Michael L. Ducker, executive vice president, International for FedEx Express. "This latest milestone will allow us to serve more international import and export customers more efficiently from China to all corners of the globe. We continue to expand our operations in China - just this month we declared our plans to add a branch office in Chengdu and in January we announced an agreement to purchase our joint venture partner, DTW Group, which will further improve and grow our outstanding service in China and throughout the Asia-Pacific region."
FedEx: A History of Leadership in China
These additional frequencies underscore the ongoing FedEx commitment to China and bolsters FedEx leadership in the global, air cargo industry. For example, FedEx:
-- Was the first express carrier to directly serve China with its own aircraft in 1996;
-- Was the first express transportation company to be linked electronically with China customs;
-- Launched the express industry's first direct flight from mainland China to Europe in March 2005;
-- Initiated the first overnight express link between India and China in September 2005;
-- Broke ground in January on a new US$150 million Asia Pacific hub in Guangzhou that will employ about 1,200 workers;
-- Announced in January an agreement with its joint venture partner, Tianjin Datian W. Group Co., Ltd. ("DTW Group") to acquire DTW Group's 50 percent share of the FedEx-DTW International Priority express joint venture and DTW Group's domestic express network; and
-- Connects more than 200 Chinese cities to the FedEx international network and plans to add 100 additional cities during the next few years.
About FedEx Express
FedEx Express is the world's largest express transportation company, providing fast and reliable delivery to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, usually in one to two business days with the delivery time backed by a money-back guarantee.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $32 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 260,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit fedex.com.
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