FedEx Relies on Express Revamp for $1.7 Billion Profit Gain
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FedEx Corp.’s plan to increase profit $1.7 billion in three years relies heavily on streamlining its Express unit, where it plans to cut jobs and replace fuel-guzzling planes.
Express, the company’s largest division, will generate $1.55 billion of the target, executives said in a meeting with investors and creditors in Memphis, Tennessee. About $300 million will come from modernizing the air fleet and another $350 million from changes in the domestic business.