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Nearly 200 UPS Employees Accept Voluntary Separation
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| Read the latest financial information about UPS. |
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ATLANTA, Feb. 28, 2007 - A voluntary separation offer made by UPS (NYSE:UPS) to a small group of corporate employees has been accepted by 194 individuals.
The offer was extended in December to employees who were age 50 or older with at least 10 years of service. Normal retirement age at UPS is 65.
As a result of the acceptances, UPS will record a one-time charge to expense of approximately $80 million during the first quarter of 2007. The company expects to generate a positive return on the program after two years.
The buyout offer was part of an on-going effort to consolidate corporate support functions in such areas as network planning, procurement, human resources, finance and sales.
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Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements, including statements regarding the intent, belief or current expectations of UPS and its management regarding the company's strategic directions, prospects and future results, involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including economic and other conditions in the markets in which we operate, governmental regulations, our competitive environment, strikes, work stoppages and slowdowns, increases in aviation and motor fuel prices, cyclical and seasonal fluctuations in our operating results, and other risks discussed in the company's Form 10-K and other filings with the Securities and Exchange Commission, which discussions are incorporated herein by reference.
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