FedEx said it will offer voluntary buyouts to some U.S.-based employees, as the parcel giant works to cut costs as demand slows.
The company said the majority of the employees eligible for the buyouts will be non-operational staff at FedEx Express and FedEx Services. FedEx said more details of the buyout initiative will be given at the annual shareholders’ meeting on Oct. 9–10 in Memphis.
The announcement of the cost-cutting efforts comes after FedEx announced in June plans to retire older planes and take delivery of fewer newer aircraft. The world’s second-largest package transporter saw profit in the fiscal fourth quarter slip 1.4 percent year-over-year, and said it would pull back annual capital spending to $3.9 billion.
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