|
HONG KONG (AP) - In a move to exploit China's fast-growing market, FedEx Corp. said Wednesday it will close its Asian hub in the Philippines and replace it with a new $150 million facility in Guangzhou, southern China.
The new cargo-handling center at Guangzhou's Baiyun International Airport, scheduled to open in December 2008, will better serve clients doing business in China, the company said in a statement.
FedEx predicts air freight from China to the United States will grow an average of 9.6 percent a year over the next 20 years.
|