UPDATE:  U.S. Senator Bob Corker released a statement following Wednesday's announcement that FedEx will be investing more than $1 billion to modernize it's Memphis, TN hub. 

“It is a point of pride that every day from its Memphis headquarters, FedEx connects 220 countries and territories together – linking more than 99 percent of the world’s GDP,” Corker said. “This investment will help ensure FedEx’s continued growth in the region and benefit thousands of current and future employees. I applaud FedEx for deepening their commitment to the Volunteer State and am pleased to see federal tax reform and Tennessee’s business-friendly environment helping drive investments in our state.”

PREVIOUS STORY: MEMPHIS, Tenn. (AP) - FedEx says it is investing more than $1 billion to modernize its Tennessee hub, in a move the shipping giant says will improve its efficiency and reliability as it delivers packages throughout the world.

FedEx Corp. Chairman and CEO Fred W. Smith and Tennessee Gov. Bill Haslam made the announcement Wednesday while standing in front of a FedEx airplane on the tarmac of a private terminal near Memphis International Airport.

The company says the project will include construction of a new sorting facility and a bulk truck loading building. A new area will be constructed to improve handling of oversize shipments that have increased with the growth of internet commerce.

Construction is expected to begin in 2019 and be completed by 2025.

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