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News Summary: FedEx to offer buyouts

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The Associated Press | December 4, 2012 06:01 PM 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.