This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

UPS to Furlough At Least 300 Pilots

ATLANTA ( TheStreet) -- UPS (UPS - Get Report) plans to furlough at least 300 airline pilots, about 11% of the 2,800 pilots employed by the world's largest package shipper.

UPS cited a continued need for "belt-tightening" in a gradually recovering economy but said it intends to find a solution with the pilots' union that would avert or mitigate the layoffs before they take effect.

UPS has been working with the Independent Pilots Association for the past year to identify ways to cut operating costs and avoid any pilot furloughs. It agreed not to furlough any pilots last year.

UPS said, however, that subsequent discussions failed to identify sufficient operating savings.

If the plans go ahead, UPS said it will send notices starting in May and expects to furlough about 170 pilots during 2010.

"Even though the economy has begun to turn around, UPS anticipates a very gradual recovery and a continued need for belt-tightening," said UPS Airlines President Bob Lekites. "This is a painful decision for our people, but one that is right for the on-going health of our business."

UPS has been undergoing efforts to cut $1.4 billion in costs by freezing management salaries in 2009, suspending matching 401(k) plans, trimming capital expenditures, and retiring older aircraft.

UPS shares rose slightly in after-hours trading Monday after falling more than 1% to $56.62 in the regular session.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
UPS $104.76 -0.29%
AAPL $93.64 -0.11%
FB $118.57 0.84%
GOOG $698.21 0.75%
TSLA $241.80 0.43%


Chart of I:DJI
DOW 17,891.16 +117.52 0.66%
S&P 500 2,081.43 +16.13 0.78%
NASDAQ 4,817.5940 +42.2360 0.88%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs