UPS is looking to slash about 20,000 jobs and close more than 70 facilities as it drastically reduces the amount of Amazon shipments it handles. The package delivery company said Tuesday that it anticipates making the job cuts this year.

UPS on Tuesday announced it is planning to cut 20,000 jobs, part of a cost-cutting effort that's linked to fewer deliveries from Amazon, its biggest customer. The shipping company, which operates in over 200 countries, currently has around 490,000 employees.

UPS expects to save $3.5 billion in 2025 after cutting 20,000 jobs and closing 73 leased and owned buildings by the end of June, the company announced in its first-quarter earnings report.