Not IN Trace
Well-Known Member
Can someone please tell me how UPS went from a debt free company to now being 6.7 billion in the red??
Scary!
Scary!
UPS debt?
- Thread starter Not IN Trace
- Start date
Anonymous 10
Guest
It's getting closer to the contract so it's time to start buying everything they need now. When we settle it a year early again they will come out with some new evil service that won't be covered and we will all be doomed for another six years.
Catatonic
Nine Lives
I've been with the company 38 years and UPS has never been debt free that I can remember.
The debt is larger now than I can remember it and the reason is very obvious and simple ... pension funding and costs.
HEFFERNAN
Huge Member
UpstateNYUPSer(Ret)
Well-Known Member
Are these costs going to magically disappear in 2013?
UPS spent $6B to buy out Central States and just spent another $1-2B on another pension related item.
Catatonic
Nine Lives
I guess it was not too obvious ... please don't confuse the issue with facts Upstate.
UpstateNYUPSer(Ret)
Well-Known Member
Uh, I'm not Upstate....I am ____________.
HEFFERNAN
Huge Member
YET, every contract in my career they give us a raise !
PLUS, this company has made money in the 2nd great depression off treating their employees like dung !
IN CLOSING, There is good debt and bad debt, and UPS has used their 5 seeing habits to steer away from bad debt!
Am I missing something MENSA executives ?
HEFFERNAN
Huge Member
They spent $6B to get out of a bad deal that they made.
I don't know about this other pension related item?
P
pickup
Guest
Is the purchase of Over-Nite which is now UPS freight part of that 6.7 billion tab?
Catatonic
Nine Lives
I doubt if any UPS executives read anything on this site.
I was trying to provide a real and accurate answer to the OP.
If you just want to vent and otherwise appear ignorant, that's OK with me ... that's what this site is for.
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Catatonic
Nine Lives
Not directly but if UPS had not spent that 1.25 B then perhaps the $6.7 B could be that amount less. I would never question going into debt to buy an national LTL/FT company.
P
pickup
Guest
Well, I agree with the first statement. The second one... Well let me ask you this , is UPS freight at this point in time making money for the company?
I can imagine, that the first few years after the acquisition were money losing ones due to "learning by trial and error", those years followed by the great recession and here we are today. So do you know if ups freight is adding to the coffers or like an aging mistress tucked away in a 2nd story luxury apartment, is she worth less than what she is costing?
Anonymous 10
Guest
o don't know about all that but 100 women out of 100 on my route think I'm 100% sexier that the ups freight guy who has the same area.
P
pickup
Guest
Shaving and showering can put you head and shoulders above the rest.
guinness413
Well-Known Member
..partly my fault..my SPORH has been falling lately..sorry bout that guys..
According to UPS at the time (2008), the $6.1B paid to Central States would be offset by a $2.3B reduction in income taxes. The remaining expense would be minimal in 2009, and by 2010 and beyond, the move would actually make UPS money(!!!) because the new pension plan would be so much less expensive. So any Central States debt should be ancient history by now.
Remember these UPS charts??? . . .
Remember these UPS charts??? . . .
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HEFFERNAN
Huge Member
It goes to prove that UPS will try to make it look like their losing money while they have already screwed all of their employees (union and non-union) !!
The next 2 years are a growing period with low rates and favorable banking ! If UPS is losing money by contract time, they would deserve it by then. OH by the way, Scott Davis will have already flown away in his golden parachute !! BOO HOO HOAKSTER
The next 2 years are a growing period with low rates and favorable banking ! If UPS is losing money by contract time, they would deserve it by then. OH by the way, Scott Davis will have already flown away in his golden parachute !! BOO HOO HOAKSTER
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