Teamster Vote at YRC Postponed to Next Week
The Teamsters union said it has postponed a vote by its member employees for wage cuts at less-than-truckload carrier YRC Worldwide until next week.
“Due to a high volume of ballot requests from affected members [and] the company’s change in plans to gain financial stability,” the union is extending voting until Tuesday, Jan 6, the union said in a statement on its Web site dated Saturday.
The company and union leaders reached a tentative agreement for a 10% pay cut in early December to help the carrier cope with lower freight volumes.
YRC said Wednesday that for the fourth quarter through Nov. 30, its YRC National Transportation unit’s total tonnage per day was down 11.8%, and its YRC Regional Transportation tonnage per day was down 11% when adjusting for network changes.
Total tonnage per day was down 20.9% without adjusting for the network changes, the company said in a statement.
“Given the economic uncertainty, we believe it is more productive to pursue a revised arrangement with our banks as an alternative to completing the tender offer,” said Bill Zollars, the company’s chairman and chief executive officer.
YRC is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
