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 parcel giant said it will offer voluntary buyouts to its full-time drivers as part of the largest company restructuring in its history.

United Parcel Service is offering buyouts to delivery drivers for the first time in its 117-year history. The company is seeking cost savings because of stagnant parcel volumes, rising labor costs and a long slump in the company’s stock price.