FDX LOGISTICS UNIT BUYS GEOLOGISTICS AIR SERVICES

   FDX Global Logistics, the subsidiary of FDX Corp. that runs Caliber
Logistics, has agreed to buy for $116 million a Caribbean forwarding
division of GeoLogistics Corp., called GeoLogistics Air Services.
   FDX said it will create from the purchased assets a new company called
Caribbean Transportation Services, which will be a subsidiary of FDX Global Logistics. The new FDX unit will specialize in moving medical,
pharmaceutical and high-technology goods between the U.S. and Puerto Rico.
   The acquisition has mystified some analysts who had been expecting a
much bigger deal to be announced between FDX and GeoLogistics. The
long-term benefits of the purchase to FDX are not immediately apparent, one analyst said.
   GeoLogistics formed GeoLogistics Air Services last year after it bought
a forwarder called Caribbean Air Services from Amertranz Worldwide Holding for $27 million.