UPS plans to temporarily close its Swan Island package facility in Portland, Oregon, and lay off up to 244 workers as the integrated logistics carrier moves forward with consolidating and automating facilities under a network optimization strategy announced a year ago.
The parcel giant on Friday notified Oregon authorities that it will close the facility on June 20 and release 244 unionized workers, according to the Office of Workforce Investments.
That figure represents the total number of...
The U.S. Postal Service has less flexibility to address financial shortfalls than mail systems in other countries because of its obligation to provide universal service, the size of population served and regulatory limits on competing with the private sector outside its core postal business, according to the agency’s independent watchdog.
The Postal Service’s business model is largely restricted to postal products, making it one of the least diversified posts in the world, the Office of...
El presidente Donald Trump planea eliminar el liderazgo del Servicio Postal de los Estados Unidos y eliminar el estatus independiente de la agencia colocándolo bajo el control directo de la Casa Blanca, lo que representa el riesgo de interrupción de la entrega de correo y paquete, Según los...
President Donald Trump plans to remove the leadership of the U.S. Postal Service and take away the agency’s independent status by placing it under the direct control of the White House, which poses a risk for disruption of mail and parcel delivery, according to exclusive reporting by The Washington Post.
The newspaper, citing six anonymous sources, said the Postal Service’s board of governors is prepared to contest a hostile takeover in court, and postal experts said such a takeover would...
https://www.freightwaves.com/news/newspaper-trump-to-order-hostile-takeover-of-us-postal-service
FedEx announced Thursday it will move forward with a plan to spin off its less-than-truckload unit, FedEx Freight, into a separately traded public company. FedEx first floated the idea in June in conjunction with its quarterly report.
Under the new structure, FedEx (NYSE: FDX) will comprise of the company’s legacy air, ground and parcel segments, which generated $78 billion in revenue in its recent fiscal year ended May 31. The new business will house FedEx Freight, which is the largest LTL...
https://www.freightwaves.com/news/fedex-to-spin-off-ltl-unit-lowers-full-year-guidance
FedEx Corp. reported first-quarter earnings after Thursday’s market close that were significantly lower than expected as customers traded down to economy delivery services and demand lagged, disappointing investors and triggering an 11% drop in the share price in late trading.
The express logistics provider lowered its guidance for the fiscal year, saying it now expects low-single-digit percentage revenue growth compared to the prior forecast of a low-to-mid-digit increase. It also narrowed the...
https://www.freightwaves.com/news/fedex-results-hurt-by-weak-demand-fewer-premium-customers
By Satish Jindel
(The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.)
For decades, FedEx and UPS essentially functioned as a duopoly in the U.S. parcel delivery market. With few challengers, they made lots of money.
The second-quarter earnings release from UPS on July 23 shocked many investors, resulting in the stock dropping 12% within minutes of the earnings call. The big surprise was that UPS customers are...
https://www.freightwaves.com/news/fedex-and-ups-must-adapt-to-changing-parcel-landscape
Strongsville, Ohio-based parcel shipping company Delivered recently agreed to purchase virtually all assets from Point Pickup Technologies, months after the company closed due to bankruptcy.
According to an acquisition agreement approved by a Miami-Dade County Circuit Court judge on June 10, Stamford, Connecticut-based Point Pickup Technologies agreed to sell $100,000 in company assets to Delivered. The assets include all customer lists, software and transferable permits, most books and records,...
The U.S. Postal Service’s decision this week not to renew a contract with FedEx, worth more than $1.5 billion per year, for domestic air transport and award it to UPS after more than two decades actually benefits all three parties, according to industry analysts.
At face value, the arrangement seems a blow for FedEx (NYSE: FDX), which will lose one its biggest customers when the existing contract expires on Sept. 29. And it raises questions about how UPS (NYSE: UPS) can make a decent profit...
https://www.freightwaves.com/news/postal-services-air-cargo-shift-to-ups-makes-everyone-a-winner
WASHINGTON — Stolen electric vehicle charging station equipment and office thefts at the U.S. Postal Service are troubling signs for agency watchdogs as the Postal Service begins moving toward electrifying its delivery fleet.
Concern about the thefts and the ability of the Postal Service to protect its assets appears in a new audit report published by the Postal Service’s Office of Inspector General (OIG).
“We found that management controls over the storage of charging stations … were not...
https://www.freightwaves.com/news/postal-service-ev-rollout-off-to-shaky-start