*Attached video: Ohio 2024 minimum wage
(AP) — UPS slid before the opening bell Tuesday as the package delivery company announced that it’s eliminating approximately 12,000 jobs and looking at strategic options for its Coyote truckload brokerage business.
Last year union members at UPS voted to approve a tentative contract agreement, putting a final seal on contentious labor negotiations that threatened to disrupt package deliveries for millions of businesses and households nationwide.
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On a conference call Tuesday morning, CEO Carol Tome said that by reducing the company’s headcount UPS will realize $1 billion in cost savings.
“We are going to fit our organization to our strategy and align our resources against what’s wildly important,” Tome said.
She also announced that this year UPS is returning to a policy of having its employees back in the office five days a week.
United Parcel Service Inc. anticipates 2024 revenue in a range of approximately $92 billion to $94.5 billion.