Tuesday, March 09, 2010

YRC continues layoffs, sees shipping uptick

As cost-cutting continues, YRC Worldwide Inc. has eliminated about 2,000 jobs since the end of 2009, the head of the company said today.

Bill Zollars, YRC's chairman and CEO, told analysts at a J.P. Morgan conference that YRC currently has about 34,000 employees companywide, down from about 36,000 in December.

By the end of 2010, YRC plans to take out an additional $300 million in annual costs, according to Zollars. About $200 million of those cuts will be finished by mid-year.

"A lot of that is headcount-related," he told analysts at Morgan's aviation, transportation and defense conference. "We're continuing to get big reductions in costs as we regain volume." Full Story......

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