Business Wire

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

Del

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.

Contact information

FedEx Corp.
Patrick Fitzgerald, 901-818-7300

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Visa Unveils New Partners on Tokenization to Help Increase Payment Security and Reduce Effects of Data Breaches17.10.2018 12:00Pressemelding

Visa Inc. (NYSE:V) today announced the commercial expansion of the Visa Token Service for credential-on-file (COF) token requestors, marking a major milestone towards further securing consumer payments in the digital channel. With this expansion, acquirer gateway and technology partners Adyen, AsiaPay, Braintree, Checkout.com, Cherri Tech, CyberSource, Elavon, Ezidebit, eWAY, Fit-Pay, Giesecke & Devrient, PayPal, Payscout, Rambus, SafeCharge, SecureCo, Square, Stripe, Worldpay and YellowPepper are or will soon be able to tokenize credential-on-file digital payments on behalf of their merchant and payment clients. Built on top of the EMVCo Payment Tokenization Standard, the Visa Token Service offers another layer of security by replacing sensitive cardholder information, such as personal account numbers and expiration dates, with a unique digital identifier (a “token”) that can be used for payment without exposing a cardholder’s more sensitive account information. In addition to enhanci

Moody’s Names Derek Vadala as Global Head of Cyber Risk for MIS17.10.2018 11:00Pressemelding

Moody’s Corporation (NYSE:MCO) today announced that it has named Derek Vadala as Global Head of Cyber Risk for Moody’s Investors Service (MIS). In this newly-established role, Mr. Vadala will develop MIS’s capabilities for evaluating cyber risk, including a framework for the consideration of cybersecurity risk in credit analysis, and will spearhead innovative research, analytics and market outreach in this area. “As with environmental, social and governance risks, we see cyber risk as an area of increasing relevance to issuers, investors, counterparties and government authorities as it impacts operational and credit risk. Moody’s has a unique perspective that can help enhance market understanding of the ways credit and cyber risk intersect,” said Rob Fauber, President of Moody’s Investors Service. “Derek has a wealth of direct leadership experience in cyber and information security, and we are fortunate to have him lead the development of our cyber risk analysis capabilities.” Mr. Vada

Nadia Murad to Speak at Sharjah Conference Aimed at Boosting Opportunities for MENA’s Youth17.10.2018 10:29Pressemelding

In the run up to one of MENA region’s premier conferences dedicated to addressing development challenges and humanitarian issues, the third edition of ‘Investing in the Future’ Conference (IIFMENA) slated for October 24-25 in Sharjah, UAE, will be seeing participation of Iraqi Human rights activist and 2018 Nobel peace prize winner, Nadia Murad. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181017005371/en/ Nadia Murad (Archive) With key partners UNHCR, UNICEF, UNDP and NAMA-UN Women, IIFMENA 2018 will shed the spotlight on ways governments, civil society, international organisations, academia, private sector can collaborate to involve the region’s youth more effectively in consultative, policy- and decision-making processes, enabling a more inclusive and participatory approach to tackling challenges and offering practical, scalable solutions. It is the first time since the 25-year-old Iraqi human rights activist has receiv

Bentley Systems Releases Open-Source Library: iModel.js17.10.2018 08:58Pressemelding

Bentley Systems, Incorporated, the leading global provider of comprehensive software solutions for advancing the design, construction, and operations of infrastructure, today announced the initial release of its iModel.js library, an open-source initiative to improve the accessibility, for both visualization and analytical visibility, of infrastructure digital twins. iModel.js can be used by developers and IT professionals to quickly and easily create immersive applications that connect their infrastructure digital twins with the rest of their digital world. iModel.js is the cornerstone of Bentley’s just-announced iTwin™ Services that combine iModelHub, reality modeling, and web-enabling software technologies within a Connected Data Environment (CDE) for infrastructure engineering. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181017005008/en/ Bentley Systems Releases Open-Source Library: iModel.js.(Photo: Business Wire) Be

WHOOP, the Human Performance Company, Launches in Europe17.10.2018 07:00Pressemelding

WHOOP, the human performance company, is now available to European consumers for the first time. Launched in the US in 2014, WHOOP is now shipping to countries throughout Europe via the WHOOP website. Initial countries include Belgium, Denmark, Finland, France, Germany, Ireland, Italy, the Netherlands, Spain, Sweden and the United Kingdom. Many pro athletes and teams across Europe are already using WHOOP, which was first made available to consumers in the US in 2016. WHOOP was co-founded in 2012 by former Harvard students Will Ahmed, John Capodilupo and Aurelian Nicolae. As captain of Harvard’s D1 squash team, Ahmed, the company's CEO, found that he and his teammates frequently over trained, misinterpreted fitness peaks, and underestimated recovery and sleep, often leading to injury. He became inspired by a simple idea: Humans, especially athletes, could optimize their daily performance if they had a systematic approach to understanding their bodies. The WHOOP Strap 2.0 is a wearable d

project44 and Gatehouse Logistics Announce Exclusive Partnership17.10.2018 07:00Pressemelding

project44 (p44) and Gatehouse Logistics jointly announced today that they have entered into an exclusive, multinational agreement which will provide secure and authorized access to the largest visibility network across North America and Europe. Ultimately, accelerating the ability for both technology providers to deliver visibility solutions across multiple transportation modes and geographies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20181017005211/en/ End-to-end supply chain visibility is critical for complex global organizations looking to monitor global operations, increase efficiencies and improve the overall customer experience. This first of its kind multinational partnership provides visibility into key transportation processes, ensuring global organizations can accurately see and proactively respond to all events in their supply chain at the “speed of thought.” Gatehouse Logistics CEO Jesper Bennike commented th