FedEx to buy transport firm

Monday 06 October 1997 23:02 BST

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FedEx to buy transport firm

Federal Express has launched an agreed $2.45bn (pounds 1.52m) offer for US transport and logistics company Caliber System. It will be Federal Express' first major deal since 1989. Analysts said the deal would strengthen the group's ability to compete against United Parcels Service, the industry leader. Caliber is based in Ohio and is a high-tech supplier of domestic ground transportation services. As part of the deal, Federal Express will create a new holding company, FDX Corp, which will employ 170,000 people world-wide.

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