⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯⎯ On November 7, 2006, FedEx Express, a unit of FedEx Corp., announced an agreement with the Boeing Company to acquire 15 new Boeing 777 Freightliner aircraft with options to purchase an additional 15 aircraft. FedEx made its decision to purchase the 777F after Airbus announced significant delays in delivery of the A380. FedEx Express notified Airbus that it has cancelled its order for 10 A380-800Fs.2 FedEx plans to take delivery on four 777F in 2009, eight in 2010, and the remainder in 2011. FedEx Corp. provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $33 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brands. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 275,000 employees and contractors to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. The Boeing 777F is the world's largest twinengine cargo aircraft with a range of more than 6,100 nautical miles (one nautical mile converts to about 1.151 statute miles) and a revenue payload capacity of 171,000 pounds. This represents a 2,200 nautical mile increase in range and an additional 8,500 pounds of revenue payload over the MD-11F, which is FedEx's primary long-haul aircraft. These advantages will result in more non-stop, point-to-point transoceanic routes with shorter flight times, enabling improved service offerings to FedEx customers. In its announcement, Frederick W. Smith, chairman, president and CEO of FedEx, stated: Global demand for air cargo and express services continues to grow rapidly and FedEx has made significant investments in our network to meet customers' needs and fulfill our business...
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