BREAKING NEWS, Business, Featured
–
FedEx Corporation acquires Supaswift’s business interests in five Southern African countries
| By Maureen Chigbo | Jul. 8, 2013 @ 01:00 GMT
FedEx Corporation has acquired the businesses operated by Supaswift (Pty) Ltd in South Africa and four other countries. It said June 20, that it had completed the first of a strategic acquisition by signing the relevant agreements. Apart from South Africa, the other countries by the agreements are Malawi, Mozambique, Swaziland and Zambia. The Corporation said it has started discussions to acquire Supaswift’s businesses in Botswana and Namibia. The acquisitions, which will be operated under FedEx Express business unit, is subject to necessary regulatory approvals and customary closing conditions.
Once the acquisition is completed, FedEx Express will have direct access across the seven markets to 39 facilities and will welcome approximately 1,000 of Supaswift’s team members, who will join the ranks of more than 300,000 FedEx team members globally. FedEx Express will then offer a complete suite of FedEx branded export, import and domestic solutions, connecting Southern Africa to more than 220 countries and territories worldwide, thereby enhancing customers’ business flexibility and speed to market.
“The acquisition of Supaswift’s businesses, once closed, will provide customers with greater access to some of the world’s most rapidly growing economies. It is an important step in our international growth strategy and further strengthens our FedEx Express portfolio,” said Frederick W. Smith, chairman, president and chief executive officer of FedEx Corp.
Gerald P. Leary, president of FedEx Express Europe, Middle East, Indian Subcontinent and Africa, added: “FedEx Express has been active in Africa since the early 1990s, through a well-established network of Global Service Providers. This acquisition, once completed, will reaffirm our support to customers in this region.”
Africa is currently the world’s fastest growing continent. Over the next decade, its GDP is expected to rise by an average of 6 percent a year. South Africa alone makes up 21 percent of Africa’s total GDP, and is home to most major businesses in this region.
“We are joining one of the most admired companies and best places to work globally. The transaction, once closed, will put us in a solid position to meet the growing needs of our customers, representing a common commitment to offer an enhanced service portfolio and superior quality to both current and prospective customers,” said Andrew Lovell, chief executive officer, Supaswift (Pty) Ltd.
Supaswift started operations in South Africa in 1990. In 2005, Supaswift merged with MyExpress Pty Ltd., which had been offering FedEx Express international services in Southern Africa since 1991. The integration of Supaswift’s businesses will commence once the transaction has been closed and is expected to be achieved gradually over a number of months.
Tags:
That is a very good tip especially to those new to the blogosphere. Simple but very precise information… Many thanks for sharing this one. A must read post!
qAYzWF Really enjoyed this article post.