FedEx will cut up to 6,300 jobs in Europe

FedEx plans to cut up to 6,300 jobs in Europe as it completes the process of folding a Dutch company it bought into its own delivery operation.

FedEx said in a statement Tuesday that the cuts will take place over 18 months and include express-delivery operations and back-office employees of TNT Express across the continent.

Memphis, Tenn.-based FedEx said severance payments will cost between $300 million and $575 million through 2023, but that the job cuts will save the company between $275 million and $350 million a year beginning in 2024.

FedEx paid $4.8 billion to acquire TNT in 2016 and expand its presence in Europe against rivals such as Germany-based DHL. TNT had a major grounddelivery business in Europe.