Quad/Graphics sells Parcel Direct to FedEx
Aug 9, 2004 4:51 PM, AP staff
FedEx has purchased Quad/Graphics’ (Sussex, WI) Parcel Direct division for $120 million, payable in cash. The six-year-old business has specialized in the consolidation and delivery of high volumes of low-weight, non-time-sensitive packages, using automated processes to expedite packages from businesses to consumers in two to six days. It employs approximately 450 staff in 12 distribution centers across the U.S. and generated $250 million in sales in 2003.
Quad/Graphics reports that the sale is in the long-term best interest for customers, especially those seeking a single source for all of their delivery needs. "FedEx can incorporate the business into an industry-leading lineup of delivery services," notes Thomas A. Quadracci, president and CEO of Quad/Graphics.
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