FedEx plans to eliminate more than 480 jobs between two permanent closures and three site staff reductions as part of its Network 2.0 initiative.

FedEx's upcoming spinoff of its trucking unit is poised to shake up some of the carrier's contract agreements, opening the door for shippers to consider new less-than-truckload options.

FedEx Corporation (FDX) was incorporated in Delaware on October 2, 1997, to serve as the parent holding Company and provide strategic direction to the FedEx portfolio of companies.