FedEx to fold operating divisions into one organization in costcutting push

LOS ANGELES (Reuters) -FedEx Corp said on Wednesday it will fold its businesses that move freight and divisions that offer other services into one organization, as the delivery firm steps up efforts to cut costs and increase efficiency across its bloated operations. Shares of the freight bellwether firm were up 3.2% before the bell as it also boosted dividend by 10%. FedEx, which competes with direct rival United Parcel Service and Amazon.com’s growing delivery operation, is racing to reduce overhead that has pressured profits as demand for deliveries cools and global recession threatens. FedEx has previously outlined goals of reducing…