FedEx Express has agreed to purchase 19 additional B767-300 aircraft from Boeing to enhance the efficiency and technology of its air fleet.
The agreement also includes the conversion of four Boeing 777s into 767 equivalent purchase value, of which two will be delivered during 2016 and the remaining two in 2017.
FedEx Express president and chief executive officer David Bronczek said: "FedEx Express is positioning itself for more profitable growth by modernising its aircraft fleet and better aligning its US domestic air network to match current and anticipated shipment volumes."
To be operated on FedEx's domestic routes, the newly ordered aircraft will replace its existing fleet of ageing MD10 and A310-200 aircraft.
The additional 767 aircraft, to be delivered from 2015 to 2019, are expected to offer capacity equivalent to the MD10s, but with a nearly 30% rise in fuel efficiency and 20% reduced unit operating cost.
According to FedEx, the aircraft also boosts efficiency as its spare parts, tooling and flight simulators can be shared with the existing Boeing 757s.
FedEx Express currently operates 19 long-range 777 freighters and is also committed to purchasing additional 24 777s.
The current contract follows an agreement signed by FedEx Express with Boeing in December 2011 to acquire 27 new 767s, scheduled for delivery between 2014 and 2018 and hold-up delivery of 777s.
FedEx has also planned to permanently retire its fleet of 18 A310 aircraft and 26 related engines, in addition to six MD10 aircraft and 17 related engines by the end of 2013.
Image: Boeing's 777s provide 2,200nm over the range of MD-11 Freighter. Photo: courtesy of Boeing.