As anticipated, UPS (NYSE:UPS) employees represented by the International Brotherhood of Teamsters have approved by a wide margin the new six-year contract negotiated in July.
According to the union, the agreement was ratified by a margin of better than 70 percent. The new contract, which covers approximately 230,000 UPS employees in the United States, is retroactive to Aug. 1.
“This vote reflects recognition by our employees that this is a fair and balanced agreement that rewards them for their hard work, while allowing the company to remain competitive,” said Mike Eskew, UPS chairman and CEO.
Contract negotiations began in January with an initial exchange of proposals. The company and union then negotiated over the next six months before reaching agreement on July 16, two weeks before the old contract expired. The agreement then was submitted to employees for ratification.
UPS is the world’s largest global transportation company, offering the most extensive range of e-commerce and supply chain solutions for the movement of goods, information and funds. Headquartered in Atlanta, Ga., UPS serves more than 200 countries and territories worldwide. UPS stock trades on the New York Stock Exchange (UPS) and the company can be found on the Web at www.ups.com.