UPS works out deal with Teamsters

|By:, SA News Editor

UPS (NYSE:UPS) says it has a handshake deal with the negotiators for the Teamsters union.

The new contract provides hourly wage increases totaling $4.15 spread out over five years and raises the starting wage for part-time workers to $13 an hour as of August 1. The contract also carves out terms for so-called hybrid drivers that work on weekends.

The current contract expires on July 31.

Shares of UPS are up 1.17% in premarket trading to $114.75.

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