UPS has reached a tentative five-year labor deal with the Teamsters Union that represents about 340,000 U.S. workers at the parcel delivery firm, the company said, sending its shares up 2.3% on Tuesday.
UPS workers, who are members of the Teamsters Union, take part in a 'practice picket line' ahead of an upcoming possible strike, outside of a UPS Distribution Center in Brooklyn, New York, U.S., July 14, 2023. REUTERS/Brendan McDermid/File Photohas reached a tentative five-year labor deal with the Teamsters Union that represents about 340,000 U.S. workers at the parcel delivery firm, the company said, sending its shares up 2.3% on Tuesday.
"UPS has put $30 billion in new money on the table as a direct result of these negotiations," Teamsters General President Sean M. O'Brien said in a statement. That figure from Michigan-based Anderson Economic Group included UPS customer losses of $4 billion and lost direct wages of more than $1 billion.
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