TEAMSTERS AND YRCW REACH TENTATIVE AGREEMENT

The Teamsters National Freight Industry Negotiating Committee (TNFINC) announced today that it reached a tentative agreement with YRCW that sets the foundation for a comprehensive financial restructuring and a viable, sustainable company.

Details of the tentative agreement will be made available to the membership after being reviewed with local union and pension fund leaders next Wednesday, September 29.

“The recession continues to wreak havoc on the trucking industry and threatens our members’ jobs,” said Tyson Johnson, Teamsters Freight Division Director and co-chairman of the TNFINC. “Unfortunately, as workers all across the country know too well, the economy has not improved as quickly as we had hoped. The sluggish economy and smaller customer base leaves us in a position today where we face very, very difficult decisions.”

Additional information will be posted at www.teamster.org as it becomes available.

YRC Worldwide Announces Tentative Agreement with Teamsters

YRC Worldwide Inc. 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."

Teamsters plan update about YRC Worldwide negotiations

The International Brotherhood of Teamsters has scheduled a Sept. 29 meeting to update its local unions and pension fund representatives about ongoing negotiations with YRC Worldwide Inc.

In a notice on the Teamsters’ website, the union also has asked its locals to schedule membership meetings on Oct. 2-3 and/or Oct. 9-10.

The union provided no other details about the talks, saying only that its National Freight Industry Negotiating Committee “continues to meet with YRCW this week to work through issues related to its financial situation.”

A spokeswoman with Overland Park-based YRC didn’t immediately respond to a request for comment.

The two sides have been meeting since the summer. YRC seeks to extend the current 18-month waiver of its obligation to contribute to union pension funds as well as other steps to give the trucking company greater financial flexibility.