Nat'l Transportation Exchange says FDX takes stake
DOWNERS GROVE, Ill., Nov 29 (Reuters) - The National Transportation Exchange Inc., which electronically matches shippers and carriers for point-to-point ground transportation, said Monday that FDX Corp. (NYSE:FDX - news), the world's largest air express shipping service, has become an investor.
In addition, Robert Quinn, staff vice president, operations analysis at FDX, will sit on the NTE board of directors, NTE said in a news release.
Other terms of the agreement were not disclosed.
FDX officials were not immediately available to comment on the investment.
NTE, at nte.net on the Internet, said it provides the industry's only real-time, online transportation trading exchange. NTE's system allows its more than 350 members to interactively match rates for shipments by quoting a confirmed price for approval before it is committed by the shipper, or accepted by the carrier, in the electronic marketplace. When delivery of the shipment is confirmed, NTE pays the carrier and bills the shipper.
Memphis, Tenn.-based FDX is the parent company of air cargo company Federal Express and provides transportation, logistics, and e-commerce services. |
