OVERLAND PARK, Kan., May 15, 2019 (GLOBE NEWSWIRE) — YRC Worldwide Inc. (NASDAQ: YRCW) (the „company“) announced the successful conclusion of employment contract negotiations with the full ratification of a five-year employment contract for three of its operating companies. Employees of YRC Freight, Holland and New Penn, represented by the International Brotherhood of Teamsters and covered by a National Master Freight Agreement (NMFA), voted in record numbers for the new master`s contract earlier this month. On May 3, 2019, the national economic vote was adopted by an overwhelming majority with 26 of the 27 local additions. The final endorsement was approved on May 14, 2019. The new employment contract, which has approximately 24,000 employees, will come into effect immediately, the economic improvements will be applied retroactively on April 1, 2019 and run until March 31, 2024. „We welcome the record turnout and the overwhelming support of our employees for the new agreement. I would like to thank each of our 31,000 employees for their ongoing hard work and commitment. I am confident that the new operational opportunities that have been approved in this contract, as well as our ability to continue to attract and retain high-level employees, will consolidate a very positive future for YRCW,“ said Hawkins. The five-year collective agreement between the Teamsters union and three lower-heavy freight carrier units YRC Worldwide, Inc.
(NASDAQ:YRCW) came into effect after workers in western Pennsylvania ratified the latest local additions and drivers, as the company and the union announced today. In addition, the contract provides that more small boxing trucks are operated by union members instead of relying on third-party carriers for freight delivery. „The ratification of the contract is good for our employees, shareholders and customers. A five-year contract is a very positive event for YRC Worldwide, which supports a more competitive set of wages and benefits in the marketplace for our employees, while providing operational benefits that enable us to provide reliable and effective services to our customers,“ said Darren Hawkins, Chief Executive Officer of YRC Worldwide. . „In addition to creating a unique opportunity for YRCW to make short-term investments, the ratified contract also positions the company to improve profitability in 2020 and beyond, taking full advantage of the new operational tools under the contract and the implementation of our current network optimization plan,“ said Hawkins. . YRC Worldwide Inc. based in Overland Park, Kan., is the holding company for a portfolio of less truck companies (LTL), including Holland, New Penn, Reddaway, YRC Freight and YRC Reimer, as well as logistics company HNRY Logistics. Together, YRC Worldwide`s companies have one of the largest logistics and LTL networks in North America, with local, regional, national and international capabilities. Through their teams of experienced service professionals, YRC Worldwide companies offer a leading know-how in flexible supply chain solutions and ensure that customers can ship industrial, commercial and retail goods with confidence.
. For more information, please visit our website at www.yrcw.com. The five-year contract, which runs retroactively to April 1, 2019, involves approximately 24,000 employees of the YRC Freight long-distance unit and its Regional Holland and New Penn units.