Teamsters Reach Deal With YRC Worldwide
YRC Worldwide (YRCW) has reached a tentative agreement with the International Brotherhood of Teamsters (IBT) to modify the terms of its current labor agreement. According to a company statement, the proposed changes are designed to reduce costs and preserve cash flow.
"We appreciate the ongoing willingness of the Teamsters leadership to work with the company to identify ways to improve the financial position of YRC Worldwide during this severe economic recession," said Mike Smid, President of YRC Inc. and COO of YRCW.
Details of the deal will be made available to the 35,000 Teamster workforce during the week of July 13. YRCW has a total of 49,000 employees.
“In the midst of the worst economic recession in our lifetime, our union negotiators have crafted a tentative agreement with YRCW that requires shared sacrifice while preserving good jobs and benefits for 35,000 YRCW workers and their families and tens of thousands Teamster retirees,” said James P. Hoffa, Teamsters General President.
The logistics group that includes Roadway and Yellow Transportation says it has extended its relationship with financial advisors Tenex Captial Management, Alvarez and Marsal and Rothschild in order to reformulate its capital structure and liquidity needs.
