FEDEX TO ACQUIRE FRITZ’s CUSTOMS CLEARANCE OPERATIONS

FEDEX TO ACQUIRE FRITZÆS CUSTOMS CLEARANCE OPERATIONS    Tower Group International Inc., a subsidiary of FedEx Trade Networks Inc., has agreed to acquire the express customs clearance operations of Fritz Cos. Inc., in four U.S. locations.
   FedEx said Tower Group will acquire the express clearance operations conducted by the Fritz Cos. at FedEx Express facilities in Memphis, Oakland, Calif., Anchorage, Ak., and support operations in Springfield, Mo. FedEx Trade Networks will operate these facilities through Tower Group, which will extend employment offers to all of the approximately 1,000 Fritz employees supporting these operations.
   FedEx said it expects to complete the transaction in the next 30 days.
   As part of the agreement, existing litigation between the companies concerning Fritz express clearance operations will be resolved. Additional terms of the transaction were not disclosed, FedEx said.