United Parcel Service (NYSE: UPS) announced Friday that the shipping company will cut 1,800 administrative and management jobs, according to Associated Press.
Approximately 1,100 employees will be offered a voluntary separation package as part of the work force reduction. The remaining cuts will come through attrition and layoffs. The U.S. small package segment, which handles shipments of up to 150 pounds by ground and air, represents roughly 60 percent of UPS' annual revenue.
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UPS has 408,000 employees worldwide, 340,000 of which are located in the U.S.
In addition, the company raised its profit forecast for the fourth-quarter, citing improving operations and cost cuts.
UPS said it now expects to post earnings of 73 cents to 75 cents per share for the October to December quarter. UPS had previously predicted earnings of 58 to 65 cents per share. UPS will report fourth-quarter earnings on Feb. 2.
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