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

UPS, Teamsters Union contract talks in deadlock

July 5, 2023 8:31 AM EDT

(Reuters) - Parcel delivery firm United Parcel Service Inc and the Teamsters Union on Wednesday accused each other of walking away from the negotiations, delaying contract talks that covers roughly 340,000 U.S. drivers, package handlers and loaders at the company.

Here is a timeline of key events leading up to the impasse in negotiations:

Date Event

April 17,... More

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July 5, 2023 8:11 AM EDT

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Workers union says UPS talks have collapsed; Shares fall

July 5, 2023 5:47 AM EDT

United Parcel Service (NYSE: UPS) shares are moving lower in pre-market Wednesday after the workers union Teamsters, which represents about 340,000 U.S. workers at the Georgia-based company, said UPS had "walked away from the bargaining table".

Around 4AM, UPS walked away from the bargaining table... More

UPS, Teamsters accuse each other of walking away from contract talks

July 5, 2023 5:01 AM EDT

By Abhijith Ganapavaram

(Reuters) -The Teamsters Union said on Wednesday United Parcel Service "walked away" from negotiations over a new contract, a claim the shipping giant denied, lobbing its own accusation that the union had stopped negotiating.

The two sides traded salvos in early morning statements as they attempt an agreement to prevent a strike when the current contract, which covers some 340,000 workers, expires at the end of the month.

Workers of UPS have already authorized a strike should the talks break down. Such a labor action would be the first since 1997 for UPS workers, in... More

Deutsche Bank believes UPS (UPS) 'handshake' deal with Teamsters is close

July 3, 2023 10:03 AM EDT

Deutsche Bank said in a note Monday that it sees a potential "handshake" deal between UPS (NYSE: UPS) and Teamsters relatively soon.

The two sides have been in discussions for two months regarding a potential employee strike, with Teamsters representing UPS rank-and-file employees.

Deutsche... More

Deutsche Bank Sees Potential UPS (UPS)/Teamsters Handshake Deal 'Relatively Soon'

July 3, 2023 8:22 AM EDT

Deutsche Bank analyst Amit Mehrotra reiterated a Buy rating and $212.00 price target on UPS (NYSE: UPS) noting "strong progress" in negotiations with the Teamsters union.

The analyst commented, "There have been several positive developments in the last few days related to the ongoing... More