YRC Worldwide: Employees Represented By IBT Ratify Contract

(RTTNews) - YRC Worldwide Inc. (YRCW) said Monday its employees represented by the International Brotherhood of Teamsters, or IBT, overwhelmingly ratified an extension of its collective bargaining agreement to March 2019.

"My deepest thanks to our employees for their continued commitment to moving YRC Worldwide forward and putting us on the road to once again becoming a North American LTL industry leader. With this MOU extension, we took another significant step toward providing our employees the job security they deserve while providing our prospective lenders and equity investors the path they need for the company to achieve a complete recapitalization and achieve a healthy capital structure," stated James Welch, chief executive officer of YRC Worldwide.

"The five-year extension includes important customer service enhancements, cost savings and a profit sharing plan for eligible IBT employees that is dependent on operating performance and our ability to become more competitive in the marketplace," added Welch.

YRC Worldwide, based in Overland Park, Kan., is the holding company for a portfolio of companies including YRC Freight, YRC Reimer, Holland, Reddaway, and New Penn.