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UPS Inc. will pay out the biggest portion of its new labor pact over the next 12 months while trying to win back customers it lost during the contentious contract talks, CEO Carol Tomé said.

UPS Inc. will raise prices 5.9%, to take effect on Dec. 26.

Union pilots who fly for FedEx announced on July 24 the rejection of a proposed multiyear contract from the company, with 57% of members voting against the deal.

FedEx Corp. hired John Dietrich, the former head of an aircraft leasing company, as its new chief financial officer amid a sweeping plan to restructure the package delivery giant.

FedEx Corp. finished its 2023 fiscal year with mixed quarterly results as the freight carrier is in the midst of a deep cost-cutting and restructuring effort.

Negotiations were set to resume June 5 between UPS and members of the International Brotherhood of Teamsters, which represents an estimated 360,000 UPS drivers and other workers.

FedEx Freight informed team members internally May 1 that it will be closing 29 freight locations and furloughing certain job classes.

A former FedEx cargo jet embarked on a final journey April 6 — not in the air but instead carefully hauled on an Alaskan highway at 20 mph from Anchorage’s Merrill Field airport to Big Lake.

FedEx Corp. will combine nearly all of its ground, air and other operations by June 2024 as part of a $4 billion cost-cutting initiative, the company announced April 5.

FedEx Corp.’s shares jumped the most in nine months after the courier boosted its profit outlook, signaling efforts to cut costs are helping counter a decline in package volume.