In a strategic move to strengthen its position in Latin America, FedEx Corporation (NYSE:FDX) announced to acquire the largest transportation and logistics company in Brazil, Rapidao Cometa Logistica e Transportes S.A. The deal further enhances the long-term commitment of FedEx Express towards rapidly growing Latin American region.
Transactions are likely to be finalized in the third quarter of 2012. Rapidao Cometa and FedEx share an 11-year long partnership in Brazil. After the deal, all the FedEx customers will have direct access to Rapidao Cometa’s countrywide transportation and logistics network.
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“We are delighted that Rapidao Cometa will be joining FedEx Express. Brazil is a market with tremendous growth potential–both in the overall economy, as well as in the logistics sector. The acquisition of Rapidao Cometa–one of the largest logistics solutions providers in Brazil–is in line with our long-term strategy to grow our Latin American business and better serve our customers seeking to enter or expand their businesses in the Brazilian market. FedEx will now be able to provide a more comprehensive portfolio of services in Brazil, including international air express, domestic ground and value-added services such as supply chain and logistics solutions,” said Juan N. Cento, president, FedEx Express, Latin America and Caribbean.
FedEx and Rapidao Cometa have similar values and 11-year experience of working together. The current Rapidao Cometa customers will also benefit, as they will have direct access to almost every corner of the world through FedEx international network.
Rapidao Cometa has over 9,000 employees, 800 vehicles and 145 distribution points and 17,000 customers across Brazil. The distribution network, logistics and businesses of Rapidao Cometa will be integrated into FedEx in a step-by-step manner over the next two years.