FedEx (NYSE: FDX), properly FedEx Corporation, is a company that offers overnight courier, ground, heavy freight, document copying and logistics services. FedEx is a syllabic abbreviation of the company's original name, Federal Express.

History

The company was founded as Federal Express in 1971 by former U.S. Marine Frederick W. Smith in Little Rock, Arkansas, but moved to Memphis, Tennessee in 1973 after Little Rock airport officials would not agree to provide facilities for the fledgling airline. The name was chosen to symbolize a national marketplace, and help in obtaining government contracts. The company officially began operations on April 17, 1973, utilizing a network of 14 Dassault Falcon 20s which connected 25 U.S. cities. FedEx, the first cargo airline to use jet aircraft for its services, expanded greatly after the deregulation of the cargo airlines sector. Federal Express use of the hub-spoke distribution paradigm in air freight enabled it to become a world leader in its field. The company operates much of its U.S. overnight freight through its Memphis hub. Other U.S. hubs are located in Newark, Indianapolis, Oakland, Anchorage and Alliance, Texas. The Canadian hub operates from Toronto's Toronto Pearson International Airport.

In August 1989 the company acquired Flying Tigers, an international cargo airline. It inherited Flying Tigers's U.S. military transport contract and carried passengers between the continental United States and overseas military installations until October, 1992. In January 1998 Federal Express acquired Caliber System, Inc, which owned RPS, Roberts Express, Viking Freight and Caliber Logistics. When these companies combined, the new organization became known as FDX Corp.

The name "FedEx" had been a popular, if unofficial, abbreviation for Federal Express for several years before the company chose it as its primary brand name in 1994. The "Federal Express" name was eliminated entirely in 2000, when FDX Corporation changed its name to FedEx Corporation and adopted the tagline "The World On Time" [1].

In 2001, FedEx acquired American Freightways, a leading less-than-truckload carrier in the U.S., combined its operations with Viking Freight and created FedEx Freight. In February 2004, FedEx bought Kinko's, a Dallas-based chain that provides printing and business services, for $2.4 billion. In its advertising, the company made famous the line "Absolutely, positively" for their overnight service; the original phrase was "When it absolutely, positively has to get there overnight." Another slogan, "Relax it's FedEx", is well recognized. For several years the company promoted the slogan "Don't panic", particularly on buttons. Throughout Europe, the marketing tag line is "Whatever it takes", referring to the efforts that individual employees will go to ensure that the package arrives on time, however at times such as December, this is not always possible.

Major competitors include DHL, TNT, UPS, and the USPS.