FedEx Corporation is an American multinational delivery services company based in Memphis, Tennessee. The name "FedEx" is a slanted abbreviation for the company's original air division, Federal Express (now FedEx Express), which was used from 1973 to 2000. The company is known for its overnight shipping service and a leader in the system that can track packages and provide real-time updates on the package site, a feature that has now been implemented by most other carrier services. FedEx is also one of the top contractors of the U.S. government. The company was founded in Little Rock, Arkansas in 1971 as a federal express company by Frederick W. Smith graduate at Yale University. The concept of the company was put into a term paper at Yale University, in which it called for a system specifically designed for urgent delivery. While his professor did not think much of the idea, Smith pressed on. He began formal operations in 1973, when he moved to Memphis. Besides its location near the center of the country, Memphis International Airport almost always remained open in mild weather. The company grew rapidly, and by 1983 it had $1 billion in revenue, a rarity for a startup that had never participated in mergers or acquisitions in its first decade. It expanded to Europe and Asia in 1984. In 1988, it acquired one of its main competitors, Flying Tiger Line, creating the world's largest full-service cargo airline. In 1994, Federal Express shortened its name to FedEx for marketing purposes, and officially adopted a title that had been used for years. On October 2nd. 1997 FedEx reorganized as a holding company, FDX Corporation, a Delaware company. The new holding company began operations in January 1998 with the acquisition of the caliber system by Federal Express. With the purchase of caliber, FedEx has begun offering other services besides express shipping. The affiliates included RPS, a small package land service; Roberts Express, a accelerated shipping provider; Viking Cargo, a regional shipping company with less than a truck load serving western United States of America; Caribbean Transport services, a company that provides air transport between the United States and the Caribbean; logistics and caliber technology, and logistics and technology providers. FDX was established to oversee all of those companies' operations and its original air division, the Federal Express.In in the 1990s, FedEx Land Planned, but later abandoned, a joint service with British Airways to make BA fly a supersonic Concorde plane to Shannon Airport in Ireland with FedEx packages on board, and then FedEx had flown donna packages to their delivery points in Europe. Ron Ponder, then Vice-President, was responsible for the proposed project.