Paris (CNN Business)FedEx has announced plans to slash up to 6,300 jobs in Europe.
The delivery company said in a statement on Tuesday that it would reduce its European workforce by between 5,500 and 6,300 as it completes the integration of TNT Express.FedEx (FDX) said the cost of the severance benefits could total as much as $575 million. It expects annual cost savings of between $275 million and $350 million beginning in 2024.”This process, whilst difficult, will allow us together with the completion of the network integration to operate as one company offering greater coverage, speed of delivery, extended operational capabilities and enhanced service levels,” Karen Reddington, president of FedEx Express Europe, said in a statement.The job cuts will affect operational teams and back-office functions, FedEx said. The plan is subject to a consultation process in accordance with local rules and regulations, it added.Read MoreFedEx acquired TNT in 2016, using the Dutch delivery firm to greatly expand its road delivery network in Europe.
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