LOS ANGELES, July 25 (Reuters) - United Parcel Service (UPS) (UPS.N) and the Teamsters union representing 340,000 employees at the package delivery firm plan to meet on Tuesday in an effort to avert a threatened strike on Aug. 1.
The scheduled meeting, which both sides have confirmed, would be the first since UPS labor contract negotiators deadlocked on July 5.
One estimate put the potential economic impact of a 10-day UPS strike at more than $7 billion, the costliest in modern times.
That estimate from Michigan-based Anderson Economic Group includes UPS customer losses of $4.6 billion, lost wages of $1.1 billion and company losses of $816 million.
"The vast, vast, vast majority of shareholders are eager to see a strike averted," New York City Comptroller Brad Lander told Reuters.
Persons:
Brad Lander, Lander, Lisa Baertlein, Jamie Freed
Organizations:
United Parcel Service, Teamsters, International Brotherhood of Teamsters, UPS, Anderson Economic Group, York, Reuters, New York Retirement Systems, Thomson
Locations:
ANGELES, Michigan, York City, Los Angeles