Log In

 

Company Name : FedEx Corporation

Sunday, January 28, 2018 5:55PM IST (12:25PM GMT)

(BW)(TN-FEDEX-CORP)

FedEx Committing More Than $3.2 Billion in Wage Increases, Bonuses, Pension Funding and Expanded U.S. Capital Investment Following the Passage of the Tax Cuts and Jobs Act


MEMPHIS, Tenn., United States

FedEx Corporation is announcing three major programs today following the recently enacted U.S. Tax Cuts and Jobs Act:

 

1) Over $200 million in increased compensation, about two-thirds of which will go to hourly team members by advancing 2018 annual pay increases by six months to April 1st from the normal October date. The remainder will fund increases in performance-based incentive plans for salaried personnel.

 

2) A voluntary contribution of $1.5 billion to the FedEx pension plan to ensure it remains one of the best funded retirement programs in the country.

 

3) Investing $1.5 billion to significantly expand the FedEx Express Indianapolis hub over the next seven years. The Memphis SuperHub will also be modernized and enlarged in a major program the details of which will be announced later this spring.

 

FedEx believes the Tax Cuts and Jobs Act will likely increase GDP and investment in the United States.

 

The company has made no change to its fiscal 2018 earnings or capital expenditure guidance as issued on December 19, 2017, as a result of these actions.

 

Corporate Overview

 

FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $62 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world’s most admired and trusted employers, FedEx inspires its more than 400,000 team members to remain “absolutely, positively” focused on safety, the highest ethical and professional standards and the needs of their customers and communities. To learn more about how FedEx connects people and possibilities around the world, please visit about.fedex.com.

 

Forward-Looking Statements

 

The additional pension contribution is expected to be funded in the third quarter of fiscal 2018 through available debt financing sources.

 

Certain statements in this press release may be considered forward-looking statements, such as statements relating to management’s views with respect to future events and financial performance. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the global markets in which we operate, a significant data breach or other disruption to our technology infrastructure, the ongoing impact of the June 27 cyberattack affecting TNT Express, our ability to successfully integrate the businesses and operations of FedEx Express and TNT Express in the expected time frame or at the expected cost, changes in fuel prices or currency exchange rates, our ability to match capacity to shifting volume levels, new U.S. domestic or international government regulation, our ability to effectively operate, integrate and leverage acquired businesses, our ability to achieve our FedEx Express segment profit improvement goal, legal challenges or changes related to owner-operators engaged by FedEx Ground and the drivers providing services on their behalf, disruptions or modifications in service by, or changes in the business or financial soundness of, the U.S. Postal Service, the availability of financing on terms acceptable to us, the impact from any terrorist activities or international conflicts, and other factors which can be found in FedEx Corp.’s and its subsidiaries’ press releases and FedEx Corp.’s filings with the SEC. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

 

 


Click here for Media Contact Details
CONTACTS :

FedEx Corp.
Patrick Fitzgerald, 901-818-7300


More News from FedEx Corporation

18/04/2018 7:15PM

FedEx Freight President & CEO Michael L. Ducker to Retire August 15

FedEx Corporation (NYSE:FDX) announced that Michael L. Ducker, President and CEO of its FedEx Freight subsidiary, will retire effective August 15, 2018. Ducker took the helm at FedEx Freight in 2014 after spending close ...

28/01/2018 5:15PM

David Binks, FedEx Express Europe President and CEO of TNT, to Retire

FedEx Corporation (NYSE: FDX) announced that David Binks, FedEx Express Europe president and CEO of TNT, will retire in June.   This press release features multimedia. View the full release here: ...

Similar News

25/05/2018 2:36PM

JobBuzz Workplace2025 Conclave Brings Together India’s Top Business Leaders to Envision Tech Disruptions at Work Spheres

JobBuzz organised its maiden conclave to discuss and outline the changes that will alter workplaces. This event was attended by 8 CEOs, 24 CHROs, 15 CTOs, 7 business case presenters, 3 spiritual speakers, 1 motivational ...

No Image

25/05/2018 1:55PM

M-Brain Appoints New CEO

M-Brain, a global leader in market and media intelligence solutions, has appointed Christian Cedercreutz Chief Executive Officer as of 13.8.2018.   This press release features multimedia. View the full release ...