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Shares of United Parcel Service Inc. dropped for the first time in seven sessions Wednesday, after the union representing more than 340,000 employees said the delivery giant โwalked awayโ from the bargaining table after its labor contract offer was unanimously rejected.
The International Brotherhood of Teamsters said, following โmarathonโ negotiations, that UPS
UPS,
refused to give the union a โlast, best and final offer,โ as the company said it had nothing more to give.
โThis multibillion-dollar corporation has plenty to give American workers โ they just donโt want to,โ said Teamsters General President Sean OโBrien. โUPS had a choice to make, and they have clearly chosen to go down the wrong road.โ
UPS refuted the unionโs claim, saying it did not walk away from the talks. The company said it was the Teamsters who have stopped negotiating.
โWeโre proud of our offer,โ UPS said in a statement. โIt delivers wins for our people. The Teamsters should return to the table to finalize this deal.โ
UPSโs stock slumped 2.0% in morning trading. It had run up 8.6% amid a six-day win streak through Monday, which was the stockโs best six-day performance since it surged 8.7% over the six-day stretch that ended Nov. 11, 2022.
The win streak was the longest since the eight-day streak that ended March 6, 2023.
The Teamsters have โrepeatedly made clearโ that its members wonโt work past the expiration of the current labor contract on July 31, if a new contract isnโt reached. The union said that in June, 97% of its members authorized a strike.
โWe have nearly a month left to negotiate,โ UPS said. โWe have not walked away, and the union has a responsibility to remain at the table.โ
UPS stock has lost 4.9% over the past three months, while the Dow Jones Transportation Average
DJT,
has climbed 11.4% and the Dow Jones Industrial Average
DJIA,
has gained 2.5%.
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