Fed-Ex expands in Brazil with purchase of Rapidão Cometa
Steve’s breakdown: This is the second American company in a week to buy in Brazil. On Friday it was General Mills. Is this a trend? Everyone on the globe thiks it is so jump on it!
MEMPHIS, TN: FedEx says it will expand in Latin America with its purchase of a Brazilian transportation and logistics company.
FedEx is buying Rapidão Cometa Logística e Transportes SA, one of the largest logistics companies in Brazil. Rapidão has been its authorized representative in Brazil for 11 years.
With Rapidão, FedEx is getting about 770 vehicles and trailers, approximately 9,000 workers in Brazil and 45 branches.
Terms of the deal were not released.
FedEx competitor UPS is bulking up with a $6.8 billion purchase of Dutch rival TNT Express. FedEx has not had a blockbuster deal like that. Instead, it has bought three smaller companies this year.
FedEx, the world’s second-largest package delivery company, is based in Memphis, Tenn.