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FedEx is laying off thousands of people in Europe

FedEx is laying off thousands of people in Europe

With the acquisition of TNT in the Netherlands, FedEx Express Delivery will reduce its number of employees in Europe by the thousands in the coming years, according to a report filed on the US stock exchange.

In 2016, the US company FedEx purchased the Dutch express service TNT Express for more than four billion euros as part of its European expansion. With the acquisition, the world’s largest air cargo network has acquired an extensive air distribution network and European routes.

Since its acquisition in 2016, FedEx has now integrated TNT’s air, road and IT systems network with the FedEx Express service network through technology and infrastructure investments.

By eliminating overlaps, it could lose 5,500 to 6,300 jobs in the coming years, which could bring the company $ 275 to $ 350 million in costs from fiscal year 2024 onwards.

FedEx Express provides air parcel services in 220 countries and territories around the world. Its parent company, FedEx Corp. , 600,000 people worldwide, and annual sales of $ 75 billion.

(MTI)

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