Editing FedEx (section)

=== Foundation and early history ===

[[File:First FedEx van Memphis TN 2013-05-17 002.jpg|thumb|right|FedEx's first van displayed at the FedEx World Headquarters]]

{{For|history prior to its 1997 reorganization|FedEx Express}}

The company was founded in [[Little Rock, Arkansas]], in 1971 as '''Federal Express Corporation''' by [[Frederick W. Smith]], a graduate of [[Yale University]]. He drew up the company's concept in a term paper at Yale, in which he called for a system specifically designed for urgent deliveries. While his professor didn't think much of the idea,{{citation needed|date=July 2024}} Smith pressed on. He began formal operations in 1973, when he moved operations to [[Memphis, Tennessee|Memphis]]. Smith said he chose [[Memphis International Airport]] for being near the mean population center of the country and for its placid weather.<ref name="AboutFedEx" />

The company grew rapidly, and by 1983 had a billion dollars in revenue, a rarity for a startup company that had never taken part in mergers or acquisitions in its first decade.{{citation needed|date=July 2024}} It expanded to Europe and Asia in 1984. In 1988, it acquired one of its major competitors, [[Flying Tiger Line]], creating the largest full-service cargo airline in the world. In 1994, Federal Express shortened its name to "FedEx" for marketing purposes, officially adopting a nickname that had been used for years.<ref name="AboutFedEx" />