FedEx completes buyout of Chinese joint venture
FedEx Corp. said today it has completed the purchase of Tianjin Datian W. Group Co. Ltd.'s 50 percent share of the FedEx-DTW International Priority express joint venture and DTW Group's domestic express network in China for about $400 million in cash.
DTW is the largest freight forwarder in China. It will now concentrate on freight distribution and warehousing.
FedEx Express will now operate as a wholly foreign-owned enterprise in China, giving it more control over the business.
