UPS shares slide as Teamsters negotiations stall, accuse each other of walking away

UPS (NYSE: UPS) shares fell around 2% Wednesday after UPS and Teamsters released statements accusing each side of walking away from negotiations regarding contract talks

UPS said, "Teamsters have stopped negotiating," despite its "historic proposals," while Teamster stated, "UPS walked away from the bargaining table after presenting an unacceptable offer to the Teamsters that did not address members' needs."

The two sides are aiming to come to an agreement to prevent a strike when the current contract expires at the end of the month. It covers some 340,000 workers and expires on July 31.

UPS Workers have already authorized a strike if the talks break down, although both sides on the negotiating table have said they want a deal to prevent a strike.

Teamsters said it has made clear that UPS members will not work beyond the current contract's expiration.

Teamsters stated: "Following marathon negotiations, UPS refused to give the Teamsters a last, best, and final offer, telling the union the company had nothing more to give."

However, UPS claims Teamsters walked away and that "refusing to negotiate, especially when the finish line is in sight, creates significant unease among employees and customers and threatens to disrupt the U.S. economy."

By Sam Boughedda

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