FedEx Corp. announced Monday it is paying $234 million for ANC Holdings LTD, an express package delivery company in the United Kingdom.
FedEx Corp., based in Memphis, said ANC will become part of its FedEx Express division, owner of the world's largest cargo airline.
"The addition of ANC significantly expands our service portfolio in the important UK market and underscores our continuing commitment to grow the FedEx international business," said Michael L. Ducker, head of international operations for FedEx Express.
ANC has annual revenues of about $280 million. It was founded in 1981 and has more than 4,500 employees and 2,200 vehicles at 80 locations. The company offers business logistics as well as package pickup and delivery across the United Kingdom.
Current managers of ANC are expected to continue running the day-to-day operations of the new FedEx subsidiary.
"The acquisition of ANC by FedEx, a world-class company known for its premium service and dedication to its people, presents new opportunities for our customers and employees," said Mark Gittins, ANC's chief executive.
FedEx Corp. has annual revenues of $33 billion.
Shares of FedEx fell 29 cents, or 0.25 percent, to $114.77 in midday trading on the New York Stock Exchange.
Copyright: Associated Press WorldStream -- 12/19/06
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