Bloomberg: DHL to Shrink, Shift Work to UPS

May 28, 2008: Deutsche Post AG, Europe's biggest mail carrier, will shrink its U.S. network, fire workers and transfer some deliveries to United Parcel Service Inc. as it seeks to limit losses at its unprofitable DHL division.

The turnaround plan will cost Deutsche Post as much as $2 billion and generate cost savings of about $1 billion a year, the Bonn-based company said today in a statement. DHL will cut as many as 1,800 jobs in the U.S.

Click here to read more at bloomberg.com.

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