FedEx Corp. FDX plans to consolidate its operating companies into a single organization, it announced Wednesday. The logistics giant sees the move, which will bring FedEx Express, FedEx Ground, FedEx Services, and other operating companies together, as one that will drive “efficiencies that will enhance the company’s ability to meet the evolving needs of customers and ultimately build a stronger, more profitable enterprise.” The transition is expected to be fully implemented in June 2024. FedEx noted that FedEx Freight will still offer less-than-truckload freight services as a standalone company. Additionally, FedEx plans to boost its annual dividend by 10%, to 44 cents a share. Shares of the company were ahead about 3% in Wednesday’s premarket action.
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