United Parcel Service
was falling in premarket trading Wednesday after the Teamsters union said talks with the management had ended without an agreement.
Shares of UPS (ticker: UPS) slipped 2.6% to $178.99. The stock has gained about 5% so far this year.
The International Brotherhood of Teamsters put out a statement saying that UPS had walked away from talks after making an unacceptable offer. UPS countered with their own statement saying they haven’t walked away and that it is proud of the offer it made. The company asked the union to return to the negotiating table.
UPS workers last month voted to authorize a strike if negotiations for a new agreement for drivers and warehouse workers failed. They said they would refuse to work after the current deal ends on July 31.
UPS delivered an average of 24.3 million packages a day last year.
Write to Brian Swint at [email protected]
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