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News Summary: FedEx to offer buyouts
Tuesday - 12/4/2012, 5:47pm EST
(AP) - BUYOUTS FOR BYE-BYES: FedEx will offer some employees up to two years' pay to leave, starting next year. The voluntary program is part of an effort by the world's second-biggest package delivery company to cut annual costs by $1.7 billion within three years.
CHEAPER SHIPPING: The restructuring is a response to a shift by customers away from premium package-delivery services and toward slower, less expensive modes.
INTO THE SUNSET: The first wave will leave on May 31, the last day of FedEx's fiscal year. The next wave departs six months later and the final group on May 31, 2014.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)