FedEx seals deal for trucking company
FedEx Corp. said it has completed the acquisition of Watkins Motor Lines for $780 million.
Watkins, based in Lakeland, Fla., is a less-than-truckload carrier with more than $1 billion in annual revenue.
Watkins Motor Lines and Watkins Canada Express will specialize in one and two-day regional as well as long-haul shipments. They will be rebranded as FedEx National LTL and FedEx Freight Canada and operate as separate networks under the management of the FedEx Freight division, which runs a multiregional freight network in the United States.
FedEx Freight Canada gives FedEx more cross-border shipping options. FedEx’s strategy is to set up FedEx National to provide non-stop long-haul service that overlays the national regional coverage of FedEx Freight. Under the current system, FedEx freight shipments are handed off at hubs in each region to move freight across the country.
The pending sale of Watkins to FedEx was first announced in late May.
FedEx seals deal for trucking company
