FedEx has sold its office services unit in Japan to the Konica Minolta group for a reported $44million in a disposal of a non-core business.
The business, FedEx Kinko’s Japan, offers printing and related business services at 49branches, including six print production centres in metropolitan areas. It has some 800 employees.
The transaction is expected to be approved by the Japan Fair Trade Commission by the end ofMay, and the company would re-name to Kinko’s Japan from June 1 onwards, Konica Minolta said in astatement.
Reuters cited a FedEx spokesman as saying that the Japanese subsidiary would be sold for $44million.
The Japanese firm is part of FedEx Office, formerly called FedEx Kinko’s, which has a networkof more than 1,900 locations and some 18,000 employees, mostly in the USA. FedEx bought Kinko’s in2004 and re-branded it to FedEx Office in 2008 following a restructuring.
The FedEx Office outlets offer not only office services but also shipping services with FedExExpress and FedEx Ground, generating annual sales of about $1 billion for the two transportationbusiness.
