Started a mere 15 yearsĪgo, it created the door-to-door, overnight express package delivery businessĪnd forever changed the way the United States and the world do business.įounded by Fred Smith in 1973 with a fleet of 14 Falcon jets, FederalĮxpress had grown, by 1987, into an international company with $3.2 billion Because it is UNCORRECTED material, please consider the following text as a useful but insufficient proxy for the authoritative book pages.įederal Express is a true American success story. FedEx Corporation, formerly Federal Express Corporation and later FDX Corporation, is an American multinational conglomerate holding company focused on transportation, e-commerce and business services based in Memphis, Tennessee.Below is the uncorrected machine-read text of this chapter, intended to provide our own search engines and external engines with highly rich, chapter-representative searchable text of each book. The name "FedEx" is a syllabic abbreviation of the name of the company's original air division, Federal Express, which was used from 1973 until 2000. Since then, FedEx also started FedEx Ground, FedEx Office (originally known as Kinko's), FedEx Supply Chain, FedEx Freight, and various other services across multiple subsidiaries, often meant to respond to its main competitor, UPS.įedEx today is best known for its air delivery service, FedEx Express, which was one of the first major shipping companies to offer overnight delivery as a flagship service. The company is the fifth largest American-headquartered employer globally with 547,000 employees, and FedEx is also one of the top contractors of the US government and assists in the transport of some United States Postal Service packages through their Air Cargo Network contract. įedEx's prominence in both the United States and the world have made it a common topic in popular culture, with examples including the film Cast Away as well as some of its marketing slogans (most famously "when it absolutely positively has to be there overnight"). In addition, FedEx has purchased the naming rights to FedExField of the NFL's Washington Commanders and FedExForum of the NBA's Memphis Grizzlies. FedEx's air shipping services have made its "Superhub" at Memphis International Airport the busiest cargo airport in the world by 2020. History Foundation and early history įor history prior to its 1997 reorganization, see FedEx Express. The company was founded in Little Rock, Arkansas in 1971 as Federal Express Corporation by Frederick W. He drew up the company's concept in a term paper at Yale, in which he called for a system specifically designed for urgent deliveries. While his professor didn't think much of the idea, Smith pressed on. He began formal operations in 1973, when he moved operations to Memphis. Smith said he chose Memphis International Airport for being near the mean population center of the country and for its placid weather. The company grew rapidly, and by 1983 had a billion dollars in revenue, a rarity for a startup company that had never taken part in mergers or acquisitions in its first decade. In 1988, it acquired one of its major competitors, Flying Tiger Line, creating the largest full-service cargo airline in the world. In 1994, Federal Express shortened its name to "FedEx" for marketing purposes, officially adopting a nickname that had been used for years.
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