FILE PHOTO: 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 Photo(Reuters) -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.
A 10-day strike at UPS could have cost the U.S. economy more than $7 billion, a think tank specializing in the economic impact of labor actions said.
UPS currently handles about 20 million packages a day - about quarter of the parcel shipments in the United States.
The tentative contract deal must now be ratified by the workers.
Persons:
Brendan McDermid, Sean M, O’Brien, Carol Tomé
Organizations:
Teamsters Union, UPS, REUTERS, FedEx, Anderson Economic Group, AEG
Locations:
Brooklyn , New York, U.S, Michigan, United States