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.
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