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19 Jan 2021 | 15:22

FedEx Express announces 6,300 layoffs in Europe

(Sharecast News) - FedEx Corp's express unit announced a plan on Tuesday to lay off between 5,500 and 6,300 employees in its European branch. The layoffs come at a time when FedEx is nearing the completion of the network integration of its TNT Express unit.

FedEx acquired European operator TNT Express in 2016 as part of its European expansion strategy.

Nevertheless, its European business has been showing weak shipment sales over the past few years and it reported sluggish growth at the TNT unit which weighed on FedEx's results.

The plan was expected to result in savings of between $275m to $350m on an annual basis beginning in fiscal 2024, FedEx said.

The company added that it's expecting severance charges of between $300m and $575m through fiscal 2023.

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