FedEx to Sell Office Unit’s Japan Business to Konica
The deal consists of 61 printing centers in Japan, Jess Bunn, a FedEx spokesman, said today in a telephone interview without giving a price. Japan’s Nikkei newspaper reported earlier that Tokyo-based Konica would pay 8 billion yen ($100.5 million).
FedEx, the second-largest U.S. package-delivery company, stopped using the Kinko’s name and rebranded the division as FedEx Office in 2008. Memphis, Tennessee-based FedEx acquired Kinko’s Inc. in 2004 for $2.4 billion, adding storefront businesses selling office products and printing services.
Dropping the FedEx Kinko’s brand had a quarterly cost of $891 million to write down the value of that acquisition, the company said in 2008. A year later, FedEx reported $885 million in costs in its fiscal fourth quarter to write down the value of Kinko’s and the 2006 purchase of Watkins Motor Line.
To contact the reporter on this story: Brendan Case in Dallas at firstname.lastname@example.org
To contact the editor responsible for this story: Ed Dufner at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.