FedEx Freight completes spinoff for NYSE market debut
FedEx Corp shares rose 2.2 percent in premarket trading following the successful separation of its less-than-truckload unit. The newly independent company aims for medium-term profit growth of 10 to 12 percent as it navigates a recovering freight market and implements network modernization.
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FEDEX CORP completed the spinoff of its freight unit on June 1, preparing the subsidiary for its New York Stock Exchange debut. Shares of the parent company rose 2.2% in morning trading following the announcement. The move creates a pure-play entity in the United States less-than-truckload market as freight rates recover from a four-year slump.
