Tennessee Governor Bill Haslam joined FedEx Corp. (NYSE: FDX) Chairman and CEO Frederick W. Smith to announce a new development project at the FedEx Express hub in Memphis as part of the company’s continued investment in technology and operations to meet growing customer demand.
The project includes construction of a large new sort facility, installation of state-of-the-art sort systems in the new building, construction of a bulk truckload building and a new area to improve handling of the oversized shipments that have increased with the growth in e-commerce.
“I want to thank Governor Haslam and the State of Tennessee for their support of this investment in a transformational project for the FedEx Express hub in Memphis,” said FedEx Corp. Chairman and CEO Frederick W. Smith. “Modernization and expansion of the Memphis hub will ensure that we continue to provide outstanding service to our customers around the world and make this an even better place to work for the thousands of team members here who keep our operations running every day and night.”
Capital investment for the Memphis hub project is estimated to exceed $1 billion over a six-year period. Following finalization of the project plans, construction could begin in 2019 and should be completed by 2025.