FedEx buys parcel consolidator

by Today's Trucking Staff August 1, 2014

MEMPHIS, Tenn. (Aug. 9, 2004) — FedEx Corp. announced today it is paying $120 million for Parcel Direct — a company that consolidates shipping for catalogue and Internet retailers.

Parcel Direct will become a subsidiary of FedEx Ground, the shipping giant’s North American trucking division. Primary business for the new subsidiary — designed for moving slower, lightweight packages — is expected to come from companies selling their products over the Internet or through catalog retailers for home shipment to consumers.

Parcel Direct, based in New Berlin, Wis., has 450 employees and revenue of about $250 million.

The sale completed in the second financial quarter.

— from Associated Press

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