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Union Agreement * USA - YRC deal offers rare bright spot for freight industry
Kansas City,MO,USA -The Kansas City Business Journal -January 9, 2009: -- A revised union agreement gave YRC Worldwide Inc. some cost reprieve Thursday, but that’s a rare spot of light in the long-suffering freight industry... Bob Costello, chief economist with the American Trucking Associations, said Friday that he doesn’t expect the freight recession to bottom out until the second quarter, at the earliest... Near record numbers of trucking companies have gone out of business... On Thursday , one of YRC’s attempts to cut costs in the face of the slump found success. About 40,000 YRC employees who belong to the International Brotherhood of Teamsters ratified a key amended labor agreement with Overland Park-based YRC that includes a 10 percent wage cut and suspension of cost-of-living adjustments in exchange for a 15 percent ownership stake in YRC...
Labels: union agreements
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