United Parcel Service Inc. plans to offer voluntary buyouts to union-represented delivery drivers for the first time in the company’s history as part of an effort to boost profit by slimming down its operations.

The United Parcel Service has announced that it is offering buyouts to full-time drivers as part of its execution of "the largest network reconfiguration" in the company's history.

The company is cutting costs because of flat parcel volumes, rising labor costs and a long stock-price slide.