Federal Express Corporation announced that its pilots have ratified a new collective bargaining agreement with the Air Line Pilots Association (ALPA) by a majority vote.

The agreement, which covers approximately 5,000 FedEx pilots, is set to take effect June 29, according to a company statement.

"The ratified agreement recognizes our outstanding crew members while aligning with our long-term growth strategy," said Richard W. Smith, chief operating officer, International and chief executive officer, Airline. "This positive milestone ensures a strong future for our pilots, FedEx, and our customers globally."

FedEx credited both negotiating committees, the National Mediation Board, and its mediators for their assistance in reaching the agreement.