MEMPHIS, Tenn. — FedEx announced it will be investing an additional $450 million into its Memphis hub, exceeding $1.5 billion for the total amount it said it would invest over the next six years.
The money will be used to construct a new sorting facility, state-of-the-art systems and a bulk truckload building.
FedEx said the projects are expected to create a "significant" number of jobs, but didn't provide an exact number.
“Our additional investment will accelerate this modernization project, ensuring that we continue to provide outstanding service to our customers around the world and the best workplace for the thousands of FedEx team members who make our Memphis World Hub operations possible every day and night," said FedEx President and COO Raj Subramaniam.
“FedEx continues to be both a global leader and a Tennessee icon,” Gov. Bill Lee said. “In a fast-paced market, we are proud of this company for continuing to invest with an eye on the future and supporting more than 30,000 Memphis area employees.”
The project is expected to be completed by 2025.
Lee said the investment points toward a bright future for Memphis.
“I think that what we’re seeing is an increased transformation in this community," Lee said. "It’s wonderful to see that the city is becoming a real leader in job creation and company relocation.”
Details about how many jobs the expansion will create are expected to be released at a later time.