United Parcel Service (NYSE:UPS) shares are moving lower in pre-market Wednesday after the workers union “Teamsters,” which represents about 340,000 U.S. workers at the Georgia-based company, said UPS had "walked away from the bargaining table."
“Around 4AM, UPS walked away from the bargaining table after presenting an unacceptable offer to the Teamsters that did not address members’ needs. The UPS Teamsters Nat’l Negotiating Committee unanimously rejected the package,” the union said in a tweet.
“Following marathon negotiations, UPS refused to give the Teamsters a last, best, and final offer, telling the union the company had nothing more to give.”
“This multibillion-dollar corporation has plenty to give American workers — they just don’t want to,” said Teamsters General President Sean M. O’Brien. “UPS had a choice to make, and they have clearly chosen to go down the wrong road.”
The general contract expires on July 31. At this point, no additional tasks are scheduled, Teamsters said.
“The Teamsters have repeatedly made clear that UPS members will not work beyond the expiration of the current contract,” the union also said.
UPS workers have already authorized a strike, should talks break down.