UPS ratifies new five-year labor agreement

Thu Apr 24, 2014 5:24pm EDT

UPS delivery trucks are seen in New York City March 6, 2014. REUTERS/Mike Segar

UPS delivery trucks are seen in New York City March 6, 2014.

Credit: Reuters/Mike Segar

(Reuters) - United Parcel Service Inc (UPS.N), the world's biggest courier company, said on Thursday it ratified a five-year contract with higher wages and benefits for 125,000 unionized employees represented by the International Brotherhood of Teamsters.

The company said it expected to take a pre-tax charge of about $1.05 billion in the second quarter due to the health and welfare changes in the newly-ratified plan. (link.reuters.com/kup78v)

The company reported a 12 percent fall in first-quarter profit earlier on Thursday.

(Reporting By Sampad Patnaik in Bangalore; Editing by Savio D'Souza)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.