BUSINESS BRIEFING / SHIPPING
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TIMES WIRE REPORTS
FedEx Corp. says it will book a total of $1.2 billion in charges in its fiscal fourth quarter as write-downs on the value of two acquisitions ended up being bigger than expected.
The Memphis, Tenn., package delivery company said it would take a noncash charge of about $900 million related to the 2004 purchase of Kinko’s, now known as FedEx Office.
It will also take an additional $90 million in charges related to a September 2006 acquisition of a trucking company and its affiliates.
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