FedEx, based in Memphis, Tennessee, is one of the world's largest express freight companies. FedEx's core operations are in the US overnight domestic express market, however it also provides e-commerce and business services, and has been investing heavily in international freight operations.
Federal Express began operations in 1971 with flights starting two years later. The company grew through acquisitions, which extended its operations internationally and into other allied sectors. The company pulled out of the intra-European market in 1992 after a period of substantial losses. However since then it has re-built its service through alliances and then in 2006 through acquisition of ANC, rather than investment in its own network. In the mid 1990s the airline changed its name to FedEx.Revenues were $42.7bn in 2011.