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U.S. markets recover from steep losses
ATLANTA, Jan. 9 (UPI) -- U.S. shipper United Parcel Service says it is eliminating 1,800 management and administrative positions in a restructuring move.
UPS said about 1,100 employees will be offered "voluntary separation" packages while others are to receive severance benefits and access to support programs based on length of service.
The shipper, in announcing higher-than-expected fourth-quarter earnings of 58 cents to 65 cents per share, revealed it would reduce the number of districts and regions in its U.S. small package operation in April while expanding its "outreach to customers by strengthening local sales and marketing efforts."
UPS said Friday it has no plans to close any operating facilities and asserted the consolidation of offices will not affect "the unique relationship between customers and UPS's sales and operations team, including drivers."
"The decision to reduce our workforce is difficult and we appreciate the significant contributions of those who will be affected by this change," UPS chief executive Scott Davis said in a statement. "But we believe this will allow us to sharpen our focus on profitable growth while being even more nimble in serving our customers."
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