FedEx Corp. CEO Fred Smith is known for his M&A prowess and efficient post-deal tactics, notes writer Michael Copeland in a big article on the FedEx/Kinko's deal in the latest Strategy + Business. In past deals, Copeland reports, Smith has avoided a meandering integration by setting up a clear chain of command—one that is structured to take on new companies without losing a step. Yet the Kinko's deal, which FedEx closed in 2004, brought FedEx into a new realm: that of retail service, making it a piece from an entirely different puzzle compared with other seemingly more logical acquisitions in the past. Copeland shows the piece fitting in, but with much work still to be done in areas such as customer service. — Baz Hiralal

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