The company set out plans to invest $1.1 billion at the site in March last year, and this new investment takes the total to more than $1.5 billion.
The hub currently has 163 aircraft gates and employs 11,000 employees.
Work is expected to take until 2025. Raj Subramaniam, president and chief operating officer of FedEx Corp, said:. “Our additional investment will accelerate this modernization project, ensuring that we continue to provide outstanding service to our customers around the world and the best workplace for the thousands of FedEx team members who make our Memphis World Hub operations possible every day and night.”