YRC Worldwide Inc. announced today that it has reached a tentative agreement with the International Brotherhood of Teamsters leadership to modify the terms of the current labor agreement for its employees covered by the National Master Freight Agreement. The proposed changes are designed to reduce the company's cost structure and preserve operating capital.
"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 Chief Operations Officer of YRC Worldwide. "Our employees are the most dedicated and professional in the industry, and their continued loyalty to serving our customers remains unrivaled."
Details surrounding the tentative agreement are expected to be available next week following further discussions with labor leadership. The modified agreement will be voted on by YRC Worldwide employees who are represented by the IBT.