Logistics major United Parcel Service (NYSE:UPS) is finally set to resume talks with the Teamsters Union tomorrow, according to Reuters.
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The current labor contract is set to expire on July 31, and the resumption of talks comes ahead of a strike deadline set for August 1. The two parties have been in discussions for months, and a strike could mean a large number of packages and couriers across the U.S. not making it to the intended recipients on time. UPS handles nearly a quarter of all parcels in the U.S. on a daily basis.
The Teamsters represent nearly 340,000 UPS workers and have been picketing and conducting rallies over the past few days. While the two sides have agreed on multiple issues in previous talks, wage raises for part-time employees have been a sticking point so far.
UPS is looking to reach a deal at the earliest and noted that it is ready to hike pay and benefits. The workers’ union, on its part, is seeking higher wages, full-time positions, and increased protections for workers.
Overall, the Street has a $185 consensus price target on UPS alongside a Moderate Buy consensus rating.
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