FedEx gets permission for more weekly flights to China
(AP)
Updated: 2006-08-31 11:16
MEMPHIS, Tennessee - FedEx Express says that it was granted permission by the
U.S. Department of Transportation to start additional weekly flights to China,
bringing its total to 30.
The additions, which will go into effect in March 2007, will allow FedEx
Express to operate more all-cargo flights to and from China than any other U.S.
airline, the company said in a statement released Wednesday.
FedEx Express is the cargo airline division of FedEx Corp., operator of the
world's largest express transportation company.
FedEx Corp. earlier this year announced a $400 million (euro312 million)
agreement to boost its presence throughout Asia by taking full control of a
50-percent joint venture begun in 1999 with the Tianjin Datian W. Group.
The joint venture handles international package shipments to and from China,
and FedEx's partner, which goes by the name DTW Group, also operates a domestic
delivery network with 89 locations in cities across China.
Memphis-based FedEx said it hopes to complete the acquisition during its 2007
fiscal year, which began in June. The operation will become part of FedEx
Express.
Shares of FedEx rose 42 cents to close at $100.54 on the New York Stock
Exchange Wednesday.
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