FedEx Corp. said yesterday it plans to offer voluntary buyouts to an unspecified number of U.S.-based employees as part of an ongoing effort to reduce costs in its U.S. operations.
Memphis, Tenn.-based FedEx said the buyouts will be offered to "nonoperational staff groups," mostly in its FedEx Express and FedEx Services operations. FedEx Express, the company's air express unit and the company's largest revenue generator, is expected to be significantly revamped as the company looks to cut expenses in the wake of an ongoing stagnation in U.S. air volumes.
FedEx Services combines multiple ancillary functions under a shared-service umbrella. The group includes FedEx Office, which used to be known as Kinko's.
The company said it will make more information available on Oct. 9 and 10 when it unveils details behind its cost-cutting plan for FedEx Express at a meeting in Memphis.