FedEx Targets $1.5B For Indy
INDIANAPOLIS - Memphis-based FedEx Corp. (NYSE: FDX) says it plans to pump $1.5 billion into its Indianapolis hub in the coming years. The global shipping provider, which has detailed multiple large investments in Indianapolis in recent years, credits the U.S. Tax Cuts and Jobs Act for paving the way for the latest announcement. A company spokeswoman tells Inside INdiana Business, FedEx is not releasing any additional details at this time.
In a news release, the logistics giant says it plans to "significantly expand the FedEx Express Indianapolis hub over the next seven years." The Indianapolis investment is part of an overall $3.2 billion commitment it says will use to fund pay and benefits increases. FedEx also says its Memphis SuperHub will be "modernized and enlarged" and it will detail those measures in the spring.
In September 2016, the city of Indianapolis approved tax incentives for a $170 million expansion at the Indianapolis hub. In October, FedEx also detailed plans for a small-package distribution center in Greenwood that represents a $259 million investment. Additionally, a $385 million proposal to expand at the Indianapolis International Airport site was presented in December to the city.