FedEx has agreed to sell its Korean office services business to the Konica Minolta groupfollowing a similar deal in Japan last year.
Konica Minolta announced yesterday that it has signed an agreement to acquire FedEx Kinko’sKorea Ltd, the largest copy and print service provider in the country. The acquisition price wasnot disclosed.
The business, with some 390 employees at 26 stores in Seoul and other locations, will bere-named as ‘Kinko’s Korea Ltd’ once the deal is completed, which is expected by January 31, 2013.Approval is required by the Korea Fair Trade Commission.
Last May FedEx sold Kinko’s Japan to the Konica Minolta group for a reported $44 million. Thatcompany had some 800 employees and offered printing and related business services at 49branches.
The two sales are seen as disposals of non-core businesses by FedEx.
FedEx Office, formerly called FedEx Kinko’s, has a network of more than 1,900 locations and some18,000 employees, mostly in the USA. FedEx bought Kinko’s in 2004 and re-branded it to FedEx Officein 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.
