FedEx announced the much-anticipated spinoff of its freight trucking division on Thursday, as it restructures operations to focus on its core delivery business. They say FedEx Freight assets were not fully appreciated within FedEx and that spinning off the trucking business as a publicly held entity will provide an opportunity to expand and improve its operations. Executives said FedEx Freight lost some cost-conscious customers that it had picked up after the bankruptcy of rival Yellow Corp and that the business appeared to have bottomed during the most recent quarter. FedEx Freight turned in lower-than-expected revenue and profit during the latest quarter, due to continued weakness in the U.S. industrial segment that includes manufacturing, metals and chemicals. The Express unit's adjusted results improved during the quarter, helped by expense reductions and more international export volume, FedEx said.

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Persons: Edward Jones, Faisal Hersi, Stephens, Daniel Imbro Organizations: FedEx, FedEx Freight, U.S, Yellow Corp, LSEG, U.S . Postal Service, USPS, United Parcel Service Locations: Georgetown, Washington , U.S, Memphis, U.S