Maybe Budapest
04-06-2007, 07:35 AM
#1
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Maybe Budapest
Press ReleaseSource: FedEx Corp.
FedEx Express to Acquire Flying-Cargo in Hungary
Friday April 6, 8:00 am ET Acquisition Supports Previous Investments in Eastern Europe
BUDAPEST, Hungary--(BUSINESS WIRE)--FedEx Corp. (NYSE: FDX - News) announced today that its FedEx Express unit signed an agreement to acquire its Hungarian global service participant, Flying-Cargo Hungary Kft. The transaction, which is the latest step in the company's Eastern Europe expansion strategy, will give FedEx a wholly-owned operation in one of the region's dynamic markets.
Flying-Cargo, a privately-held company, has been the FedEx global service participant in Hungary since 2003 and has a proven track record of providing high-quality service. All of Flying-Cargo's day-to-day operations are expected to remain unchanged for the foreseeable future, and the company will function as a wholly-owned business of FedEx Express.
"Since the mid 1990's, 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," said Robert W. Elliott, president of FedEx Express, Europe, Middle East, Africa and Indian subcontinent. "Due to increased demand from global customers, opportunities offered by local economic development, and most importantly, the outstanding team on the ground delivering services, the decision to acquire Flying-Cargo was seen as the next logical step in the ongoing development of our business in Hungary."
FedEx Express began serving Hungary in 1990 using global service providers. Since that time it has continued to play an important role in connecting Hungary to the world, including:
"FedEx has expanded our network throughout Eastern Europe with a series of new flights and country openings over the past three years as part of our international growth strategy," said Michael L. Ducker, president of FedEx Express International. "Central and Eastern Europe, which is growing at nearly three times that of Western Europe, presents significant opportunities for our customers."
About FedEx Express
FedEx Express is the world's largest express transportation company, providing fast and reliable delivery to every U.S. address and to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, by a definite time and date with a money-back guarantee.
About FedEx Corporation
FedEx Corp. (NYSE: FDX - News) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $35 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 275,000 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 www.fedex.com.
Contact:
FedEx Corp.Europe Media:Anna McNally, 32 2 515 8827[email protected]orUS Media:Howard Clabo, 901-434-7769[email protected]orInvestors:Mickey Foster, 901-818-7519[email protected]</SPAN>Source: FedEx Corp.
I added the bold print because this may become a scope issue. I understand the China deal was not because it was flying China City to China City, but this is Country to Country.
FedEx Express to Acquire Flying-Cargo in Hungary
Friday April 6, 8:00 am ET Acquisition Supports Previous Investments in Eastern Europe
BUDAPEST, Hungary--(BUSINESS WIRE)--FedEx Corp. (NYSE: FDX - News) announced today that its FedEx Express unit signed an agreement to acquire its Hungarian global service participant, Flying-Cargo Hungary Kft. The transaction, which is the latest step in the company's Eastern Europe expansion strategy, will give FedEx a wholly-owned operation in one of the region's dynamic markets.
Flying-Cargo, a privately-held company, has been the FedEx global service participant in Hungary since 2003 and has a proven track record of providing high-quality service. All of Flying-Cargo's day-to-day operations are expected to remain unchanged for the foreseeable future, and the company will function as a wholly-owned business of FedEx Express.
"Since the mid 1990's, 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," said Robert W. Elliott, president of FedEx Express, Europe, Middle East, Africa and Indian subcontinent. "Due to increased demand from global customers, opportunities offered by local economic development, and most importantly, the outstanding team on the ground delivering services, the decision to acquire Flying-Cargo was seen as the next logical step in the ongoing development of our business in Hungary."
FedEx Express began serving Hungary in 1990 using global service providers. Since that time it has continued to play an important role in connecting Hungary to the world, including:
- the launch of four weekly flights from Budapest to the FedEx European hub in Paris in 2004, improving transit and pick up times for customers;
- introduction of a classified "Dangerous Goods" express service to and from Hungary;
- introduction of a next-day service within Europe and to the United States, and;
- initiation of two to three business-day service to Asia.
"FedEx has expanded our network throughout Eastern Europe with a series of new flights and country openings over the past three years as part of our international growth strategy," said Michael L. Ducker, president of FedEx Express International. "Central and Eastern Europe, which is growing at nearly three times that of Western Europe, presents significant opportunities for our customers."
About FedEx Express
FedEx Express is the world's largest express transportation company, providing fast and reliable delivery to every U.S. address and to more than 220 countries and territories. FedEx Express uses a global air-and-ground network to speed delivery of time-sensitive shipments, by a definite time and date with a money-back guarantee.
About FedEx Corporation
FedEx Corp. (NYSE: FDX - News) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $35 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 275,000 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 www.fedex.com.
Contact:
FedEx Corp.Europe Media:Anna McNally, 32 2 515 8827[email protected]orUS Media:Howard Clabo, 901-434-7769[email protected]orInvestors:Mickey Foster, 901-818-7519[email protected]</SPAN>Source: FedEx Corp.
I added the bold print because this may become a scope issue. I understand the China deal was not because it was flying China City to China City, but this is Country to Country.
04-06-2007, 01:00 PM
#4
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Posts: 608
Originally Posted by Twiceskunkeddog
Which one... Buda or Pest? Sorry couldn't help being a smart a$$. Budapest is a pretty cool place though.
04-07-2007, 07:55 PM
#5
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Joined APC: Mar 2006
Posts: 3,333
I understand the China deal was not because it was flying China City to China City, but this is Country to Country.
Both Hungary and France are part of EU so wouldn't this be considered EU to EU flight - in other words "domestic"?
Both Hungary and France are part of EU so wouldn't this be considered EU to EU flight - in other words "domestic"?
