FedEx completes purchase of Parcel Direct
FedEx said it has finalized the $120-million acquisition of parcel consolidator Parcel Direct from Quad/Graphics. The company, which had about $250 million in gross revenue in 2003, specializes in sorting and consolidating small shipments and dropping them at the closest U.S. Postal Service facilities to their destination for final home delivery.
Parcel Direct will operate as a subsidiary of FedEx Ground. Ward Strang was named president of the new unit, which has 12 distribution hubs.