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MarketScreener Homepage  >  Equities  >  Nyse  >  FedEx Corporation    FDX

FEDEX CORPORATION

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FedEx : Logistics to Move Global Headquarters to Downtown Memphis

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02/12/2019 | 12:13pm EST

FedEx Logistics, a subsidiary of FedEx Corporation (NYSE:FDX), announced that it will move its global headquarters to the former Gibson Guitar factory building in downtown Memphis, consolidating multiple locations and nearly 700 team members into the new location over the next several years.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190212005720/en/

FedEx Logistics to move global headquarters to downtown Memphis (Graphic: Business Wire)

FedEx Logistics to move global headquarters to downtown Memphis (Graphic: Business Wire)

“This is a moment of dynamic growth and transformation both for our company and for the city of Memphis, and we at FedEx Logistics are thrilled to be a part of this revitalization of downtown Memphis,” said Richard W. Smith, president and CEO of FedEx Logistics. “By combining our disparate offices into a dynamic campus, it became economically attractive to provide this fantastic environment for our team members. This will be a great space for collaboration among the different aspects of our business and a true home for our growing company as we attract new talent for the future of FedEx.”

FedEx Logistics has executed a multi-year lease to move its offices to the former Gibson Guitar factory building beginning April 2020. While the existing building comprised 154,000 square feet when purchased, FedEx Logistics staff size and spatial needs will prompt the construction of an additional mezzanine to grow total square footage to just under 200,000 square feet. LRK has been engaged as architect for the project.

Last month, FedEx Logistics announced its rebranding from FedEx Trade Networks, Inc. to FedEx Logistics, a name that better describes the company’s ability to meet its customers’ increasingly complex and industry-specific supply chain, transportation, value-added services, and brokerage needs. FedEx Logistics provides specialty solutions that complete a simple, seamless and powerful global trade experience for FedEx customers around the world.

“With FedEx Logistics creating more than 680 jobs in Memphis, they are once again showing that Tennessee is a great place to do business,” Tennessee Gov. Bill Lee said. “FedEx and its subsidiaries have been a true Tennessee success story, and we as a state are proud to see this company continue to grow and call Tennessee home.”

“It’s an exciting time to be in Memphis, and with FedEx as one of our largest employers, they are a big reason why,” said Memphis Mayor Jim Strickland. “FedEx Logistics moving their headquarters downtown is another great step towards building up our core city and bringing more jobs downtown. It takes strong partners to accomplish the goals we have on economic development, and we couldn’t have a better partner than this company.”

“It is great to see FedEx continuing to invest in Memphis, especially in our urban core. FedEx Logistics Headquarters will add a financial boost and vibrant new energy in a key downtown location,” said Shelby County Mayor Lee Harris.

About FedEx Logistics

FedEx Logistics plays a key role within the FedEx portfolio, connecting 95 percent of the world’s gross domestic product (GDP) with its comprehensive suite of specialty logistics solutions. The company provides air and ocean freight forwarding, supply chain solutions, specialty transportation, cross border e-commerce technology services, customs brokerage, and trade management tools and data from a single trusted source. For more information, visit fedex.com/logistics.

About FedEx Corp.

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $69 billion, the company offers integrated business solutions through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 450,000 team members to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. To learn more about how FedEx connects people and possibilities around the world, please visit about.fedex.com.


© Business Wire 2019
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Financials ($)
Sales 2019 70 922 M
EBIT 2019 5 535 M
Net income 2019 3 806 M
Debt 2019 14 123 M
Yield 2019 1,43%
P/E ratio 2019 12,85
P/E ratio 2020 10,44
EV / Sales 2019 0,87x
EV / Sales 2020 0,83x
Capitalization 47 486 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 223 $
Spread / Average Target 23%
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Managers
NameTitle
Frederick Wallace Smith Chairman & Chief Executive Officer
David J. Bronczek President, Chief Operating Officer & Director
Alan B. Graf Chief Financial Officer & Executive Vice President
Robert B. Carter Chief Information Officer
James L. Barksdale Independent Director
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