About FedEx

FedEx Archives: 1999 Press Releases

( BW)(TN-FEDERAL-EXPRESS)(FDX) FedEx to Implement Fuel Surcharge; Attempts to Offset Fuel Costs

    Business Editors

    MEMPHIS, Tenn.--(BUSINESS WIRE)--Dec. 30, 1999--Federal Express Corp. (NYSE:FDX) will apply a three percent fuel surcharge on most FedEx domestic and international services, effective Feb. 1, 2000. The company will apply a surcharge of $.10 per kilo to FedEx International Airport-to-Airport(SM) and FedEx International Express Freight(R) shipments, also effective Feb. 1. The surcharge will apply to all shipments tendered within the United States and all U.S. export shipments, where legally permissible.
    "We have held off on this decision in order to assist our customers in getting through their very important peak shipping season," said Alan B. Graf, Jr., executive vice president, chief financial officer, FDX Corp. "Fuel costs remain high. In order to continue to provide the unmatched service and reliability which FedEx customers rely upon, the price of our services must appropriately reflect our increased costs."
    Federal Express, a subsidiary of FDX Corp., connects areas that generate 90% of the world's gross domestic product in 24-48 hours with door-to-door, customs-cleared service and a money-back guarantee. The company's unmatched air route authorities and infrastructure make it the world's largest express transportation company, providing fast, reliable and time-definite transportation of more than 3.2 million items to 210 countries each working day. FedEx employs more than 150,000 employees and has more than 45,000 drop-off locations, 648 aircraft and 44,500 vehicles in its integrated global network. The company maintains electronic connections with more than two million customers via FedEx Powership(R), FedEx Ship(R) and FedEx interNetShip(R). Federal Express reported revenues of $14.0 billion for its fiscal year ended May 31, 1999.

     --30--kh/na*

     CONTACT:  Federal Express Corp., Memphis
               Gregory M. Rossiter, 901/395-4440
               gmrossiter@fedex.com
               or
               Jesse W. Bunn, 901/395-5642
               jwbunn@fedex.com

     KEYWORD:  TENNESSEE
     INDUSTRY KEYWORD:  TRANSPORTATION AIRLINES