FedEx Corp. (FDX: Quote) announced an agreement to acquire the Polish courier company Opek Sp.z o.o., giving its express transportation unit access to a nationwide domestic ground network with an estimated $70 million in annual revenue and 12.5 million shipments annually.
FedEx expects the transaction to close in the summer 2012 after necessary regulatory approvals and subject to customary conditions.
The company noted that the acquisition will supplement the FedEx Express service portfolio in Poland and continue its European expansion through smart, strategic investments.
So far in fiscal 2012, FedEx Express has opened 26 new stations across France, Germany, Italy, the Netherlands, Northern Ireland and Sweden.
Opek is a family-owned company, operating 44 stations throughout Poland. More than 1,200 employees work for Opek and the company engages more than 1,300 contracted drivers.
"The acquisition delivers an excellent extension to the current service portfolios of both companies and puts us in an even better position to jointly meet the growing needs of our customers," said Gerald Leary, president, FedEx Express Europe, Middle East, Indian Subcontinent and Africa.
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by RTT Staff Writer
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