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Quad Finalizes Parcel Direct Deal

SUSSEX, WI—Quad/Graphics has completed the sale of its Parcel Direct division to FedEx for $120 million. FedEx announced that Parcel Direct will operate as a subsidiary of FedEx Ground. Parcel Direct specializes in the consolidation and deliveries of high volumes of lower weight, less time-sensitive packages. It employs about 450 people in 12 nationwide distribution centers.