MEMPHIS (dpa-AFX) - Federal Express Corp., a subsidiary of FedEx Corp. (FDX)
announced Wednesday a workforce reduction plan in Europe as part of its ongoing
measures to reduce structural costs.

The execution of the plan is subject to a consultation process that is expected
to occur over an 18-month period in accordance with local country processes and
regulations. The plan will impact between 1,700 and 2,000 employees in Europe
across back-office and commercial functions.

The company said it expects the pre-tax cost of the severance benefits and legal
and professional fees to be provided under and related to the plan to range from
$250 million to $375 million in cash expenditures to be incurred through fiscal
2026 and will be classified as business optimization expenses.

The company expects savings from the plan to be between $125 million and $175
million on an annualized basis beginning in fiscal 2027.



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