Market Pulse: FedEx inks new $1 billion credit facility
Tuesday July 26, 6:45 am ET
By Steve Goldstein
LONDON (MarketWatch) -- FedEx Corp. said it's inked a new five-year, $1 billion credit facility with banks including JP Morgan Chase and Bank of America. The new deal replaces a $750 million facility from Sept. 2001.
Question: Does this mean Fedex is lining up credit (big-time)? What are they planning to do,or buy with all these bucks?
BofA backs $1B credit facility for FedEx
Tuesday July 26, 12:01 pm ET
FedEx Corp. has entered into a $1 billion five-year credit agreement with a syndicate of banks that includes Bank of America Corp.
The new facility replaces and consolidates a $750 million credit agreement.
Along with Charlotte-based BofA, banks involved in the agreement include J.P. Morgan Chase, Bank of Nova Scotia, Regions Bank and The Royal Bank of Scotland.
Borrowings under the new facility may be used for FedEx's general corporate purposes, including commercial paper backup and acquisitions.
Memphis, Tenn.,-based FedEx (NYSE: FDX - News) markets a portfolio of transportation, e-commerce and business services. It plans to open a mid-Atlantic air-cargo sorting hub at Piedmont Triad International Airport by 2009.
FedEx to buy Watkins operations
Friday May 26, 1:47 pm ET
NEW YORK (Reuters) - FedEx Corp. said on Friday it agreed to acquire the less-than-truckload operations of privately-held Watkins Motor Lines and certain affiliates for $780 million in cash.
The transaction is expected to close during the first quarter of fiscal 2007 and is not expected to have a material effect on the fiscal 2007 financial results of FedEx.
As part of the deal, FedEx has also agreed to acquire the assets of Watkins' business in Canada, Watkins Canada Express.
Labor board files charges against FedEx
Monday July 3, 5:36 pm ET
The National Labor Relations Board has charged FedEx Ground/Home Delivery with illegal practices in its treatment of drivers at its Barrington and West Deptford, N.J. terminals, an attorney representing the drivers said Monday.
The NLRB issued a complaint accusing the FedEx Corp. subsidiary of engaging in a pattern of illegal activity against drivers primarily as a result of their trying to unionize, according to Jerald R. Cureton.
The complaint said FedEx threatened and/or fired drivers involved in the organizing efforts; terminated driver insurance and route operating contracts; discriminated against drivers who testified before the NLRB or filed charges against FedEx with the agency; and promised preferential treatment if drivers voted against the union.
Drivers at the Barrington terminal became the first group of FedEx drivers in the country to vote for representation. FedEx is contesting the vote.
"FedEx Ground has always conducted itself within the law in responding to the many unsuccessful attempts to organize our work force in the past," said Rob Boulware, company spokesperson.
FedEx must officially answer the charges in the complaint by July 14. A hearing on the complaint is scheduled for July 31.
Maybe FedEx is borrowing to prepare for all the legal expenses they're about to incur to fight "City Hall" - the IRS, the NLRB, anyone else? Guess what happens when you try to fight "City Hall"? You lose...
Instead of fighting an inevitable organizing of FG and fostering a contentious relationship with the union, they should embrace it and try to get off on good footing. The government has made it clear which way they want this to go. RPS/FedEX Ground got away with the subterfuge for a good many years. It's the increasingly competitive landscape of the market that brought this issue onto the government's radar. Also, just look at how much more the teamsters contribute to politics. Beats UPS and FedEx.
UPS SUPPLY CHAIN SOLUTIONS IS TOPS WITH INBOUND LOGISTICS READERS
No. 1 Third-Party Logistics Provider for Fourth Straight Year
ATLANTA, August 1, 2006 – The readers of Inbound Logistics once again have spoken: UPS Supply Chain Solutions is the No. 1 third-party logistics provider in the world.
The magazine, in its latest issue published this week, said UPS had captured the top spot for its 3PL Excellence Awards for the fourth consecutive year. Nearly 3,500 readers ranked more than 350 third-party logistics companies operating worldwide in the magazine’s survey.
"This ranking is based on consistency of service, reliabilityand the 3PL’s ability to establish good partnerships with its customers," according to Inbound Logistics editor Felecia Stratton. "What we liked about the reader comments was an emphasis on UPS transparently getting the job done so customers could focus on other areas of their business."
Voters in the Inbound Logistics survey represent wholesalers, distributors, retailers, service companies and the government and carry titles in corporate management, transportation logistics and supply chain management.
"We’re grateful that four years of recognition validates that customers see great benefits from UPS’s global transportation and supply chain capabilities, all tied together with the technology and visibility to truly coordinate the flow of commerce," said Bob Stoffel, UPS senior vice president, Supply Chain Group. "But it also challenges us for continuous improvement to sustain top performance."
Just a reminder, too: UPS is the world's largest package delivery company [- not FedEX - ] and a global leader in supply chain services, offering an extensive range of options for synchronizing the movement of goods, information and funds...