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FedEx Freight, a unit of FedEx, said on Monday it will cut about 900 jobs at 130 facilities, citing unprecedented economic conditions and aggressive pricing by carriers.
Some workers will be given the chance to transfer within the company, or will be laid off with the possibility of being recalled. The company's ability to serve its customers will not be affected, FedEx said.
The cuts come amid a downturn in the less-than-truckload freight industry, which has suffered from anemic freight volumes due to weak auto and retail sales, a depressed housing market and the overall weakening of the U.S. economy.
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AP |
"There has been greater than anticipated deterioration in the LTL market, and the pricing environment has become even more aggressive as the same number of carriers compete for a shrinking base of business," Maury Lane, FedEx Director of Issues and Crisis Management, said in a statement e-mailed to Reuters.
FedEx's National LTL unit is not affected by the cuts, the company said.
FedEx shares [FDX
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] were up slightly in afternoon trading on the New York Stock Exchange.
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