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WASHINGTON, D.C., Dec. 19,
2007 - The International Brotherhood of Teamsters today notified UPS
(NYSE:UPS) that a new contract covering approximately 240,000 UPS
employees has been certified approved and ratified.
The ratification came as five local supplemental
or rider agreements received approval in a second round of employee
voting. Last month, the UPS National Master Agreement was approved by
65% of the voting employees.
The master contract was negotiated nearly a year
in advance of the current contract's expiration on July 31, 2008, and
will extend contract coverage to July 31, 2013.
"We are excited to learn that everything now
is in place to implement our agreement with the Teamsters," said
Mike Eskew, UPS's chairman and CEO. "This agreement helps to ensure
that UPS is well positioned for success in the coming years."
The new contract includes wage increases as well
as significant contributions to healthcare and pension plans to help
strengthen these benefits for employees. The agreement allows UPS to
withdraw employees from the Central States multi-employer pension plan
and to establish a jointly trusteed, single-employer plan for this
group. UPS will make a pre-tax $6.1 billion payment to the Central
States plan on Dec. 26, 2007, in connection with its withdrawal. A more
detailed explanation of contract provisions will be available after 10
a.m. EST on Dec. 20 at ups.com/investors.
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| RD
News Desk |
| WASHINGTON,
D.C., Nov. 20, 2007 – UPS (NYSE:UPS) employees represented by the
International Brotherhood of Teamsters have voted to approve a new
contract negotiated earlier this fall. |
| The UPS National
Master Agreement was approved by 65% of the voting employees. The union
today also informed the company that there were five local supplemental
or rider agreements that did not receive a majority vote. |
| The master
contract, which covers approximately 240,000 full- and part-time package
workers in the United States, was negotiated nearly a year in advance of
the current contract's expiration on July 31, 2008, and will extend
contract coverage to July 31, 2013. |
| "We are
gratified to hear that our Teamster-represented employees have approved
the new National Master Agreement," said Mike Eskew, UPS's chairman
and CEO. "Both sides now are committed to addressing any local
issues as necessary. This is part of the normal process." |
| UPS, which
celebrates its 100th anniversary in 2007, is the world's largest package
delivery company and a global leader in supply chain services, offering
an extensive range of options for synchronizing the movement of goods,
information and funds. Headquartered in Atlanta, Ga., UPS serves more
than 200 countries and territories worldwide. UPS's stock trades on the
New York Stock Exchange (UPS) and the company can be found on the Web at
UPS.com. |
| Report Source: |
| http://www.ups.com/pressroom/us/press_releases/press_release/0,1088,4955,00.html |
| http://www.ups.com/pressroom/us/press_releases/press_release/0,1088,4965,00.html |
