Fedex plans to lay off up to 6,300 employees in Europe

finance

As part of the takeover of the Dutch delivery service TNT.

Fedex plans to lay off up to 6,300 employees in Europe

The US logistics giant Fedex has announced major job cuts in Europe in the wake of the takeover of Dutch rival TNT. The savings plan affects 5,500 to 6,300 employees in the express division, which is geared towards fast international parcel deliveries, as the company announced in Amsterdam on Tuesday. Starting in fiscal year 2024, this is expected to reduce costs by $ 275 million to $ 350 million annually.

Fedex had already finalized the more than 4 billion euro takeover of TNT in 2016, but the merger of the companies was made more difficult by a cyber attack and is only now about to be completed. With the expansion of European business, the Americans are particularly challenging Deutsche Post with its subsidiary DHL Express. According to its own information, Fedex recently had almost 600,000 employees worldwide.

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