Air Transport World

FedEx Corp. and Clayton, Dublier & Rice.(Cargo)(contracts)(Brief Article)

FedEx Corp. and Clayton, Dubilier & Rice inked an agreement for FedEx to acquire Kinko's, a document solutions and business services provider, for $2.4 billion in cash. The transaction is expected to close in the first quarter.

FedEx Corp. reported net income of $91 million for its fiscal second quarter ended Nov. 30, down 62.9% compared to $245 million earned in the year-ago period. Excluding realignment costs, however, current-period net income rose to $266 million. Total revenue was up 4% to $5.92 billion and operating expenses climbed 9% to $5.74 billion including $288 million in realignment costs. As a result, operating income fell 57% to $183 million from $427 million in the year-ago period. …

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