FedEx made some waves today (March 27) with dual announcements highlighting its evolutionary path forward into an environment rapidly realigning around the digitization of society.
The shipping and logistics firm announced its acquisition of P2P Mailing Limited — a global provider of eCommerce transportation solutions for around $102 million (£92 million).
According to a release by FedEx on BusinessWire, the acquisition is aimed at expanding the firm's portfolio of eCommerce-focused tools and products. P2P specializes in solving last-mile delivery issues in a variety of ways, leveraging connections and relationships that include public, private and "plug-and-play" retail options for delivery. The firm, HQed in Laindon in the United Kingdom, will operate as a subsidiary of FedEx Cross Border within the FedEx Trade Networks operating company.
President and CEO of FedEx Cross Border, Carl W. Asmus, said, “Global eCommerce continues to grow at a rapid pace, and more and more merchants, marketplaces, eCommerce and social platforms are looking for innovative, cost-effective ways to get merchandise from distribution points in one country to customers in another. By adding P2P to the FedEx portfolio, we will be able to effectively serve even more elements of the e-commerce market.”
That news came simultaneously with the announcement that FedEx will be the latest company to invest in Tesla's electric semi-trucks with a purchase of 20 for its freight department, joining an illustrious list of those buying in on the up-and-coming technology. Other companies have reserved the Tesla trucks too: Pepsi ordered 100, Anheuser-Busch ordered 40, Walmart ordered 15 and rival DHL ordered 10.
But the biggest order came from FedEx biggest rival (at present), UPS, which ordered 125.
"FedEx has a long history of innovation and incorporating sustainability efforts throughout its global network," said FedEx Freight president and CEO Mike Ducker in a statement. "Our investment in these trucks is part of our commitment to improving road safety while also reducing our environmental impact."
Today's (March 27) slew of announcement comes as FedEx has spent the last several weeks announcing upgrades and expansions to its core delivery-value proposition. The firm has also recently announced it will open 500 mini-stores in Walmart locations around the U.S. as well as the launch of a return-management tool for high-volume merchants.