A United Parcel Service (UPS) driver pushes a cart of packages into a delivery truck on a New York street.

Victor J. Blue | bloomberg | Getty Images

UPS The union representing more than 300,000 workers at the carrier reached a preliminary labor agreement, narrowly avoiding a strike that was due to begin in the coming days if the two sides failed to reach an agreement.

UPS CEO Carol Twomey: “Together, we have reached a win-win agreement on issues important to Teamsters leadership, our employees, UPS, and our customers.” “This agreement continues to reward full- and part-time UPS employees with industry-leading wages and benefits while retaining the flexibility we need to stay competitive, serve our customers, and keep our business strong.”

The initial agreement still faces ratification by the workers.

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