Press Releases
SEOUL, September 4, 2000 - Federal Express Corp. (FedEx Express),
the world's largest express transportation company, announced
today that it has moved to full ownership and management
of its express business in Korea.
In the first move of its kind in the express industry in
Korea, the decision to move to "direct service" involved
the purchase by FedEx Express of the majority of the express
business of Pri-Ex, a Korean express delivery company. FedEx
Express has had a relationship with Pri-Ex since 1988.
David Ross, FedEx Express Vice President for the North Pacific
region, said this move reflects the importance FedEx Express
places on the dynamic Korean market.
"Korea is the 11th largest economy in the world. And today,
key trends in business that we are seeing include an increasingly
globalized market place spurred by the advent of the Internet
and the need to get goods and services to market in the fastest
possible manner. Here in Korea, FedEx Express is poised to
help companies compete in this rapidly changing business
environment," he said.
A premier global logistics solution provider for businesses
needing integrated supply chain management, FedEx Express
has pioneered many of the technical aspects of the business,
such as systems tracing and tracking of packages.
"More and more, companies are turning to us for supply chain
management and information technology solutions in order
to remain competitive. At FedEx Express we will be continuing
to develop innovative technology and e-commerce solutions
to enable Korean customers to conduct their business with
greater speed and reliability," Mr. Ross continued.
FedEx serves Korea with 15 weekly flights to and from its
Asia Pacific hub in Subic Bay Philippines. The FedEx AsiaOne®
network, a comprehensive intra-Asia network providing overnight
delivery services among 17 major cities in Asia is connected
with the FedEx Express global network - North America, South
America, the Middle East, Africa and Europe - linking 210
countries in the FedEx worldwide system.
"FedEx Express has an extensive flight network in this region
utilizing our own aircraft. This enables us to move heavy
shipments as well as traditional express items such as small
packages and documents. The movement of heavy, high value
goods in the most timely manner is a key area of business
for FedEx Express in both Korea and Asia as a center for
manufacturing," Mr. Ross said. In addition, with its superior
IT technology, FedEx has the systems to integrate with the
increasingly sophisticated systems of its Korean customers,
he said.
The FedEx Express official had high praise for its former
licensee in Korea. "In our global system, Pri-Ex was one
of the best performers." he said.
403 Pri-Ex employees formerly engaged in the express transportation
business have joined FedEx Express.
"FedEx Express brought me broadened horizons," said courier
Lee Keun-sung. "But the most exciting thing is the pride
that I now work for the best international express transportation
company in the world."
FedEx Express, a $15 billion subsidiary of FedEx Corp., connects
areas that generate 90% of the world's gross domestic product
in 24-48 hours with door-to-door, customs-cleared service
and a money-back guarantee.* The company's unmatched air
route authorities and infrastructure make it the world's
largest express transportation company, providing fast, reliable
and time-definite transportation of more than 3.3 million
items to 210 countries each working day. FedEx employs approximately
149,000 employees and has more than 46,000 drop-off locations,
663 aircraft and 49,000 vehicles in its integrated global
network. The company maintains electronic connections with
more than 2.5 million customers via FedEx Powership®,
FedEx Ship® and FedEx interNetShip®.
* Certain restrictions apply.
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