UPS Ratifies New Five-Year Labor Agreement


United Parcel Service Inc (NYSE:UPS), the world's biggest courier company, said on Thursday it ratified a five-year contract with higher wages and benefits for 125,000 unionized employees represented by the International Brotherhood of Teamsters.

The company said it expected to take a pre-tax charge of about $1.05 billion in the second quarter due to the health and welfare changes in the newly-ratified plan.

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The company reported a 12% fall in first-quarter profit earlier on Thursday.

(Reporting By Sampad Patnaik in Bangalore; Editing by Savio D'Souza)