FedEx Corp. (NYSE: FDX) today announced that its FedEx Express subsidiary has entered into a new express air transportation contract with the United States Postal Service. The current contract ends in September 2013, and the new contract will begin in October 2013.
Under this seven-year agreement, valued at approximately $10.5 billion, FedEx Express will provide airport-to-airport transportation of USPS Express Mail and Priority Mail within the United States.
“FedEx Express will continue the outstanding service that we have provided to the USPS for the past 12 years under this new agreement,” said David J. Bronczek, president and chief executive officer of FedEx Express. “This contract provides enhanced value and additional flexibility allowing the USPS to respond to possible changes. We look forward to continuing our successful business relationship with the USPS.”
Corporate Overview
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services.
With annual revenues of $44 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 300,000 team members to remain “absolutely, positively” focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit news.fedex.com.