NEW YORK (AP) — FedEx Corp., the world’s second-largest package delivery company, on Wednesday detailed its plan to boost profit by $1.7 billion annually by shedding jobs, aircraft and underused assets.

FedEx aims to reach that goal within three years through cost cuts and efficiency improvements. The much anticipated restructuring is a response to a shift by customers to slower, less expensive means of delivery as the global economy struggles to grow.

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