Jun.06--FedEx buys Brazilian shipping company Rapidao Cometa Logistica e Transportes
    FEDEX has acquired Brazilian shipping company Rapidao Cometa Logistica e Transportes for an undisclosed sum, making its third acquisition since competitor UPS purchased European rival TNT Express.
    By extending into Latin America with Rapidao, it has gained 9,000 workforce, 770 vehicles and trailers across a 45 branches network operating services including B2C delivery services, air freight and ground services, inventory management and order fulfilment and pharmaceutical logistics services.
    In a company statement, FedEx said the acquisition, following 11 years as its authorised representative in the country, will be achieved in phases over a period of 18 to 24 months after closing.
    According to UK-based Transport Intelligence, the purchase will result in an extensive and competitive FedEx network and portfolio throughout Brazil which could see it rival logistics providers in the Brazilian market such as CEVA and Penske Logistics and particularly within Brazil's automotive and high tech manufacturing markets.
    Logistics providers are finding Brazil attractive despite a slowdown in its economy, it can tap into its top location for manufacturing automobiles, eighth largest pharmaceutical market globally and a growing affluent middle class, added the report.

(Source:shippingazette)