UPS to Become US Postal Service’s Main Air Cargo Provider from tricontinental stock price Watch Video

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✓ Published: 02-Apr-2024

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UPS to Become US Postal Service’s , Main Air Cargo Provider.<br/>On April 1, United Parcel Service announced <br/>that it will replace FedEx as the primary air <br/>cargo provider for the USPS, CNBC reports. .<br/>On April 1, United Parcel Service announced <br/>that it will replace FedEx as the primary air <br/>cargo provider for the USPS, CNBC reports. .<br/>FedEx is walking away from a <br/>22-year partnership after failing to <br/>secure a better contract with the agency. .<br/>FedEx is walking away from a <br/>22-year partnership after failing to <br/>secure a better contract with the agency. .<br/>In fiscal year 2023, USPS paid FedEx $1.73 billion <br/>for its services, down from the $2.4 billion <br/>FedEx received in fiscal year 2020.<br/>The decrease in payments was partially due <br/>to the postal service using more economical <br/>trucks in place of planes, CNBC reports. .<br/>The parties were unable to reach <br/>agreement on mutually beneficial <br/>terms to extend the contract, FedEx, via securities filing.<br/>Since FedEx will lose nearly $2 billion in annual <br/>business from letting go of the contract, .<br/>hundreds of pilots will likely <br/>lose their jobs, CNBC reports .<br/>Following the announcement, UPS shares <br/>increased 1.4% while FedEx stock dropped 1.6%.<br/>FedEx's current contract is <br/>set to expire on Sept. 29