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UPS Contract with Teamsters Ratified
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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 .
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. To get UPS news direct, visit pressroom.ups.com/RSS.
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