FedEx Express has completed its acquisition of Rapidão Cometa, one of the largest transportation and logistics companies in Brazil with 2011 revenues of more than $500 million.
The Memphis, Tenn.-based company said this is the latest step in an overall strategy for growth in Latin America and the Caribbean. It first announced the intent for acquire Rapidão Cometa at the end of May.
"Brazil is the sixth-largest economy in the world and its rapidly increasing middle class presents tremendous opportunity for FedEx Express," said Michael L. Ducker, chief operating officer and president of FedEx Express.
The acquisition gives FedEx 45 regional branches with 145 distribution points, 770 vehicles and trailers, and 9,000 more employees across the country.
"We have enjoyed an 11-year relationship with Rapidão Cometa and this acquisition further demonstrates our commitment to Brazilian customers and businesses," said Juan Cento, regional president of FedEx Express LAC.
FedEx Express’ first step in combining the two operations was naming Américo Pereira Filho, current president of Rapidão Cometa, as a vice president of FedEx Express LAC and president of FedEx Express Brazil.
Rapidão Cometa, founded 70 years ago, is based in the state of Pernambuco. - Geoff Whiting