YRC Worldwide has deal with Teamsters on pensions
YRC Worldwide says it has deal with Teamsters on pensions, competitiveness issues
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YRCW 0.2695 +0.0045
{"s" : "yrcw","k" : "a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00","o" : "","j" : ""} On Friday September 24, 2010, 6:23 pm EDT
OVERLAND PARK, Kan. (AP) -- Trucking operator YRC Worldwide Inc. said Friday it agreed with the Teamsters union to rejoin multi-employer pension funds.
The company said the tentative deal would also address the company's competitive situation, but it gave few details. It said it would provide more information after union committees and the Teamsters board approve the agreement, which YRC expects next week.
YRC said it expects to submit the agreement to employees for a ratification vote in late October.
President and Chief Operations Officer Mike Smid called the agreement an important step in the company's recovery plan.
Last year, workers represented by the Teamsters approved concessions designed to help the troubled trucking company avoid bankruptcy. The employees accepted 15 percent wage cuts and waived YRC's contributions to a multi-employer pension plan for 18 months.
YRC has been hit by a drop in demand for freight shipments and the loss of customers who worried about its financial condition. It has gone through restructuring, closed terminals and laid off workers.
YRC operates trucking lines including YRC, New Penn and Holland.
Shares of Overland Park-based YRC rose less than a penny to close at about 27 cents in regular trading. In after-hours trading shares rallied by a dime, or 36 percent, to 37 cents.
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