Sees 250-375 mln usd cost (Il Sole 24 Ore Radiocor) - New York, 12 Jun - The US postal and logistics group FedEx said that its unit Federal Express Corporation plans to cut 1,700-2,000 in Europe across back-office and commercial functions.

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, it added.

The group expects pretax cost of the severance benefits and legal and professional fees to be 250-375 million dollars.

The charges are expected to be incurred through fiscal 2026 and will be classified as business optimization expenses, it said.

It expects savings from the plan to be 125-175 million dollars on an annualized basis beginning in fiscal 2027.

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(RADIOCOR) 12-06-24 20:02:47 (0715) 5 NNNN