The deal, which should be ratified in the first quarter of this year, is for all 1,200 Kinkos shops worldwide, which produced an estimated annual revenue of 1.1bn ($2bn) for the year to 31 December 2003. Kinkos has three branches in London and is working on opening two more.
A spokeswoman for FedEx said that Kinkos plan to increase its UK presence, which was announced last October, would go ahead.
There are plans to expand the number of stores by 12 in the UK over the next two years we are looking at Birmingham and Manchester, said the spokeswoman.
She added that the Kinkos management team would be unaffected by the takeover, that the company would remain headquartered in Dallas, and that there were no planned job cuts.
The main reason behind it is that Kinkos is a really good fit for us over 300 companies in the Fortune 500 use them. They also have a lot of SME customers, she added.
Story by John Davies
Have your say in the Printweek Poll
Related stories
Latest comments
"It's wrong to assume the Chinese are behind the curve on automation - it used to be the case that manual processes were kept becuase it was cheaper to use them than buy the automated equipment,..."
"Incredible, what a business!"
"Sad news. Their prices were unsustainable - it was a race to the bottom."
