Tower Group to buy four Fritz operations
MEMPHIS, Tenn. (Feb. 4, 2002) — Tower Group International, a subsidiary of FedEx Trade Networks, has agreed to buy the express customs clearance operations of Fritz Companies at FedEx Express facilities in Memphis, Tenn., Oakland, Calif., and Anchorage, Alaska, and support operations located in Springfield, Mo.
FedEx Trade Networks will operate these facilities through Tower Group, which will extend employment offers to all of the approximately 1000 Fritz employees supporting these operations.
“The acquisition of these operations augments FedEx Trade Networks’ customs clearance capabilities and enables us to strengthen the unparalleled service and reliability of FedEx Express,” said Ed Clark, president and chief executive officer, FedEx Trade Networks. “Our customers doing business internationally also will benefit from improved convenience as we add these operations.”
FedEx expects to complete the transaction in the next 30 days.
As part of the agreement, existing litigation between the companies concerning Fritz express clearance operations will be resolved. Additional terms of the transaction are not being disclosed.
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