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January 21, 2021
MEMPHIS, TENNESSEE (AP) FedEx plans to cut up to 6,300 jobs in Europe as it completes the process of combining its own operation with that of a Dutch delivery company it bought in 2016.
FedEx said in a statement on Tuesday that the cuts will take place over 18 months and include express-delivery operations and back-office employees of TNT Express across the continent.
Memphis, Tennessee-based FedEx said severance payments for between 5,500 and 6,300 layoffs will cost between USD300 million and USD575 million through 2023, but that the job cuts will save the company between USD275 million and USD350 million a year beginning in 2024.
FedEx’s European express-delivery operation President Karen Reddington, said in a statement that the job cuts are crucial to make the company more competitive in a changing market. FedEx had about 245,000 employees worldwide, including about 43,000 at TNT, as of last May 31.