FedEx Buys Air Cargo Firm
FedEx Corp. said Friday that it signed an agreement to acquire Hungarian air cargo company Flying-Cargo Hungary Kft.
The transaction, made by its FedEx Express unit, will help boost its presence in Eastern Europe, FedEx said.
Privately held Flying-Cargo has been affiliated with FedEx鈥檚 air operations since 2003. All of its day-to-day operations will remain unchanged for the foreseeable future, and the company will function as a wholly owned unit of FedEx Express.
鈥淪ince the mid 1990鈥檚, Hungary has proven to be one of the standout economies in Eastern Europe, with import and export growth rates of up to 7% projected until 2009,鈥 said Robert Elliott, president of FedEx Express for Europe, the Middle East, Africa and the Indian subcontinent.
The acquisition of was a 鈥渘ext logical step in the ongoing development of our business in Hungary,鈥 he said in a statement.
FedEx is ranked No. 2 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.