FedEx to spin off FedEx Freight.

FedEx, a multinational conglomerate holding company specializing in transportation, e-commerce, and business services, agreed to spin off FedEx Freight. Financial terms were not disclosed. “This is the right time to pursue a separation as we respond to the unique dynamics of the LTL market. This announcement is a testament to the strength of the business our team has built, and to our dedication to doing what’s best for our customers, our team members, and our stockholders. Through this process, we will unlock value for our Freight business and position FedEx to create even greater value for stockholders,” Raj Subramaniam, FedEx President and CEO.