With the acquisition of TNT in the Netherlands, FedEx express delivery will reduce the number of its employees in Europe by thousands in the coming years, according to a report submitted to the US Stock Exchange.
In 2016, US FedEx purchased the Dutch TNT Express express service for more than four billion euros as part of its European expansion. With the acquisition, the world's largest air cargo parcel network has acquired an extensive European air and road distribution network.
Since its 2016 acquisition, FedEx has now integrated TNT’s air and road transportation network and IT systems with FedEx Express’s service network through technology and infrastructure investments.
By eliminating the overlaps, 5,500 to 6,300 jobs could be lost in the coming years, resulting in cost savings of $ 275 to $ 350 million for the company from fiscal year 2024.
FedEx Express provides air parcel services in 220 countries and regions around the world. Its parent company, FedEx Corp., employs 600,000 people worldwide and has annual sales of $ 75 billion.
(Source: marmalade.co.hu; MTI | Image: pixabay.com)