FedEx Will Pay $400 Million to Buy Out Chinese Partner

edEx Corp. has signed an agreement to buy out a joint-venture partner in China for $400 million, the company said Tuesday.

FedEx will pay Tianjin Datian W. Group Co. Ltd. for the 50% of the companies' joint venture it does not already own, the company said in a statement. The move will help FedEx expand its domestic delivery business in that country.

“China's economy is expected to continue its extended cycle of strong growth, thanks to the pivotal role it plays in the global supply chain,” Gene Huang, FedEx's chief economist and a native of Shanghai, China, said in statement.

FedEx is ranked No. 2 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.