Home > Boards > Free Zone > Industry Specific > Transportation and Automotive Sector Ideas

>>> FedEx to take up to $575 million

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
gfp927z Member Profile
 
Followed By 70
Posts 25,879
Boards Moderated 75
Alias Born 03/22/05
160x600 placeholder
Top Company News of the Day
The waiver allows Credit Suisse's investment adviser affiliates to keep doing business following an SEC settlement, but the Republican says some requirements could be harmful.
Canada Antitrust Watchdog Probes Google Conduct in Online Ad Market -- Update
Canada Antitrust Watchdog Probes Google Conduct in Online Ad Market
USDA Reports Drop in Cattle Placed on Market
Wheat Rises on Tighter Supply Picture -- Daily Grain Highlights
Warren Buffett Tenders Cattolica Stake as Generali Takeover Edges Closer, Source Says
Front Month Nymex Natural Gas Fell 2.40% This Week to Settle at $5.2800 -- Data Talk
Front Month Nymex RBOB Gasoline Fell 0.17% This Week to Settle at $2.4821 -- Data Talk
Trustmark National Bank To Pay $5 Million To Settle Lending Discrimination Claims
3Q GDP Seen +3.0% -- Data Week Ahead
U.S. Oil-Rig Count Falls by Two in Latest Week, Baker Hughes Says
American Express on Track for Record High Close -- Data Talk
UK Takeover Panel Suspends Timetable on Ganfeng's Offer for Bacanora Lithium
S&P Global, IHS Markit Get Conditional Approval From European Commission for Deal
FTSE 100 Closed Up as It Shrugs off the Week's Negative Sentiment
STOXX Europe 50 Index Ends the Week 0.25% Higher at 3637.18 -- Data Talk
EURO STOXX 50 Index Ends the Week 0.14% Higher at 4188.81 -- Data Talk
STOXX Europe 600 Index Ends the Week 0.53% Higher at 471.88 -- Data Talk
FTSE 100 Index Ends the Week 0.41% Lower at 7204.55 -- Data Talk
DAX Ends the Week 0.28% Lower at 15542.98 -- Data Talk
CAC 40 Index Ends the Week 0.09% Higher at 6733.69 -- Data Talk
S&P Global's Acquisition of IHS Markit Gets Conditional Green Light From EU
Walmart on Track for Longest Winning Streak Since September 2019 -- Data Talk
Snap Inc. Down Over 23%, on Track for Record Percent Decrease -- Data Talk
Watchdog Criticizes FAA Oversight Of American Airlines Maintenance
Creatd Shares Jump After Unit Signs Alexis LaRue
gfp927z   Saturday, 01/19/19 01:55:19 PM
Re: None
Post # of 103 
>>> FedEx to take up to $575 million charge as it starts voluntary buyouts


October 24, 2018

REUTERS

Mike Blake


https://www.reuters.com/article/us-fedex-layoffs/fedex-to-take-up-to-575-million-charge-as-it-starts-voluntary-buyouts-idUSKCN1PC2LU


(Reuters) - FedEx Corp (FDX.N) said on Friday it could take as much as $575 million in charges as it began offering voluntary cash buyouts to certain U.S-based employees in a bid to reduce costs.

The parcel company announced in December that it would be offering voluntary buyouts to ease pressure on profits that have been hit by troubles in its express delivery unit and the integration of European company TNT.

FedEx had said that the vast majority of its buyout offers would be made to workers at the FedEx Express unit, which has 227,000 employees, and at FedEx Services, which employs 30,000 people.

The company also slashed its 2019 forecast that month blaming a weakening European economy and U.S. trade tensions that exacerbated a slowdown in China.

The Memphis, Tennessee-based company said on Friday it expects to incur charges of between $450 million and $575 million related to the buyout program predominantly in the fourth quarter of fiscal 2019.

It expects employees to vacate their positions by the end of fiscal 2019 and the program to save it between $225 million to $275 million annually beginning in fiscal 2020.

FedEx did not announce how many jobs it seeks to cut, but has said previously that it would extend similar voluntary buyouts to international workers too.

FedEx employs more than 450,000 people around the world, according to its latest annual filing. The company’s shares closed up 2 percent on Friday and were unchanged in after hours trading.

<<<





Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences