Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
FedEx, an American courier service company, has announced that it will cut between 5,550 and 6,300 jobs over next 18 months at its European division of FedEx Express.
The job cuts will affect up to 2.6% of its workforce in operational and back-office roles. So far, the company has announced redundancies in Belgium (671 jobs cut) and France (279 jobs cut).
The company is to complete the integration of TNT Express and the dismissals aim at removing overlaps between the two European networks, which operate similar geographies. The programme is expected to save between USD 275 million and USD 350 million (respectively, €225.45 million and €286.93 million, as at 26 January 2020) a year beginning in 2024, whereas costs are estimated to be between USD 300 million and USD 575 million (respectively, €245.94 million and €471.39 million, as at 26 January 2020) through 2023.
FedEx bought TNT Express, a Dutch company, in 2016. FedEx Express employs approximately 245,000 employees worldwide (including around 43,000 TNT staff) and almost 50,000 staff in Europe.
Eurofound (2021), FedEx, Merger/Acquisition in European Union, factsheet number 103175, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/103175.
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