Shipping giant UPS joined dozens of other massive American corporations and pledged this week to reinvest billions in the US economy following the recent GOP tax cuts; vowing to spend the money on “network investments” as well as “pension funds.”
The worldwide logistics corporation announced its plan Thursday to reinvest at least $12 billion into its American-based sector, saying “favorable tax laws” have allowed the company to allocate new funding to “maximize the benefits” to their customers and employees.
“UPS today announced more than $12 billion in investments to expand the company’s Smart Logistics Network, significantly increase pension funding, and position the company to further enhance shareowner value,” said a statement on the company’s website.
“We applaud President Trump and Congress for their bold action to improve the U.S. economy,” sad David Abney, UPS Chairman and CEO. “Our investments will create new jobs, secure existing jobs and expand opportunities for our people. We are committed to remaining a preferred employer by continuing to provide industry-leading compensation and excellent career opportunities.”
UPS becomes the latest US-based corporation -joining Visa, Walmart, Disney, Starbucks, AT&T, American Airlines, and others- to pay out higher earnings, big bonuses, and expanded benefits after President Trump signed the sweeping tax overhaul into law late last year.