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.

United Parcel Service (UPS) is offering buyout packages to its U.S.-based delivery drivers. The move comes as the company plans to cut 20,000 positions and close 73 facilities as part of the largest network reconfiguration in its 117-year history.