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Friday, September 24, 2010

YRC Worldwide Inc. (YRCW) Deals With Teamsters

Shares of YRC Worldwide Inc. (YRCW) soared in afterhours tonight after the teamsters and the company reached a deal. YRC Worldwide Inc. (YRCW) went out at $0.35 tonight.

YRC Worldwide Announces Tentative Agreement with Teamsters

YRC Worldwide Inc. (Nasdaq: YRCW) announced today that it has entered into a tentative agreement with the International Brotherhood of Teamsters to address the company's competitiveness, re-entry into multi-employer pension funds and progress toward long-term growth. Details of the agreement will be made available subject to the required approval by union leadership committees and the company's Board of Directors which are expected next week. Upon required approvals, the agreement will be submitted for ratification by YRCW employees represented by the Teamsters with completion targeted for late October 2010.

"This tentative agreement is an important step toward the completion of our comprehensive recovery plan," said Mike Smid, President-YRC and Chief Operations Officer of YRC Worldwide. "As our business continues to improve, the implementation of this tentative agreement will allow us to continue to provide our customers with a comprehensive portfolio of services that is competitive and reliable." Full Story

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