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Trucking company YRC makes deal with Teamsters
November 28, 2008 5:28 PM ET(AP) - YRC Worldwide Inc. and the Teamsters on Friday announced a deal that the union said would provide "economic relief" to YRC, one of the world's largest trucking companies, which has been struggling with a dropoff in demand as the economy slows.
The tentative agreement would cover some 40,000 employees, including dock workers, drivers, and clerical workers.
Neither YRC nor the Teamsters disclosed terms of the tentative agreement. But the company had said previously that it was seeking pay cuts, and Teamsters spokesman Bret Caldwell said the deal focused on pay, pensions and benefits.
"There was never any discussion about amending work rules or any of the specs of the contract," he said.
Caldwell said the agreement needs approval by Teamsters leaders, who will review it on Wednesday. It then needs a member vote, expected to wrap up near the end of December, he said.
Overland Park, Kan.-based YRC owns Yellow Transportation, Roadway, Holland and New Penn.
Bill Zollars, the company's chairman, president and chief executive, said in a statement that the trucking industry is continuing to see a decline in volume and pricing, "affecting our profits and cash flow and our ability to pay down debt from operating funds."
He said YRC has swapped stock for notes, modified its nonunion pension and retirement plans, sold extra properties, and started a $100 million tender offer to buy back outstanding notes.
"While these efforts have been effective, the worsening macroeconomic crisis in America and the increasingly critical state of our industry mean that we must take additional measures," he said.
He said the new agreement "will establish a more competitive cost structure allowing us to accelerate our market share recovery and capitalize on opportunities for future growth, while at the same time, defending the long-term prospects and job security of our employees."
YRC shares closed a shortened session up 46 cents, or 13 percent, at $3.98. The shares have traded between $1.20 and $22.52 over the past year, with the biggest drop beginning in September.
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