FedEx, based in Memphis, Tennessee, is one of the world's largest express freight companies. FedEx's core operations are in the U.S. 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 that extended its operations internationally and into allied sectors, although it pulled out of the intra-European market in 1992 after a period of substantial losses. It has since rebuilt its European services through alliances and the 2006 acquisition of ANC, rather than investment in its own network. In the mid-1990s, the company's airline was brough under the FedEx brand.In 2012, the company had revenues of $44.3bn.