April 5, 2012 / 1:57 PM / 5 years ago

UPDATE 1-Fedex to buy Polish shipping company Opek

* Terms not disclosed

* FedEx sticking to organic growth, small purchases in Europe

April 5 (Reuters) - FedEx Corp said Thursday it is buying family-owned Polish shipping company Opek Sp.z o.o, for an undisclosed amount, as it steadily expands in Europe.

FedEx, the world’s No. 2 package delivery company, has said it plans to grow organically and through small purchases in Europe, where it expects a mild Euro-zone recession.

Its FedEx Express division will have access to Opek’s domestic ground network, which has an estimated $70 million in revenue and 12.5 million shipments annually, Memphis, Tennessee-based FedEx said in a statement.

The transaction is expected to close in the summer.

“We have an excellent strategy that has steadily advanced our position in the region, and we are well-positioned for profitable growth as we increase the number of direct-served locations in Europe,” FedEx Chief Executive Officer Frederick W. Smith said in a statement.

FedEx entered the Polish package delivery market in 1989.

Larger rival United Parcel Service Inc last month agreed to buy Dutch company TNT Express NV for about $6.8 billion.

UPS’s purchase of TNT will boost its position as the world’s largest package delivery company outside the United States.

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