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SEOUL, September 28, 2017 — FedEx Express (FedEx), a subsidiary of FedEx Corp. (NYSE: FDX) and the world’s largest express transportation company, today signed an agreement with Incheon International Airport Corporation to confirm the construction of a new FedEx Cargo Terminal at the Incheon International Airport (ICN).

The facility will cover 23,425 square meters, more than twice the size of the current facility, and include warehouse, office and canopy.It is expected to be completed in 2021. FedEx plans to deploy an advanced automated cargo sorting system at the new terminal,to meet the fast-growing demand of express cargo. Once completed the new facility will have the capacity to sort up to 18,000 packages per hour, allowing inbound and outbound shipments to be processed faster.

” As one of the largest economies in Asia[1], Korea continues to build its trade connections internationally. FedEx is investing to support the robust demand in Korean imports and exports to better serve our customers in this important market.” said Eun-Mi Chae, Managing Director, FedEx Express Korea. “With the expansion of our FedEx facility at Korea’s main gateway, we will improve our operational capabilities and create greater access to the global market supported through our integrated network.”

Establishing a new cargo facility at Incheon International Airport is a strategic move for FedEx. The airport has seen the volume of international shipments increase by 10.4 percent in 2016 from 2012 to 2,714,217 tons[2]. The new FedEx Cargo Terminal will better facilitate the volume of international shipment processed at ICN.

[1] https://www.ft.com/content/966fcbd8-4f13-11e7-bfb8-997009366969

[2] Incheon International Airport Corporation’s homepage (http://www.index.go.kr/potal/main/EachDtlPageDetail.do?idx_cd=2702#quick_02)