OVERLAND PARK, Kan., Jan. 17, 2014 (GLOBE NEWSWIRE) -- YRC Worldwide Inc. (Nasdaq:YRCW) announced today that it has reached a tentative agreement with officials of the International Brotherhood of Teamsters on an extension of its collective bargaining agreement to March 2019.
The tentative agreement contains a number of revisions to the company's previous proposal which address concerns raised by the Teamsters leadership and its members. The previous proposal, which was voted without reaching an agreement with the union was not ratified by the company's employees. In contrast, this MOU extension was negotiated with the union.
"The outcome of this week's discussions is critical to the future of the company. The MOU extension is something our employees can have confidence is the best – and only remaining – path forward," said James Welch, chief executive officer of YRC Worldwide.
Details of the revised proposal will be reviewed by local union officials at a "two-person" meeting of local union officials to be held on Tuesday, January 21, 2014.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "will," "would," "anticipate," "expect," "believe," "intend" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are inherently uncertain and are subject to significant business, economic, competitive, regulatory and other risks, uncertainties and contingencies, known and unknown, many of which are beyond the company's control. It is important to note that the results of future discussions with the Teamsters and any intention to conduct or outcome of any re-vote on the above-mentioned proposal will be determined by a number of factors, including (among others) those risk factors that are from time to time included in the company's reports filed with the SEC, including the company's reports on Forms 10-K and 10-Q and the company's Current Report on Form 8-K filed on December 9, 2013.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is the holding company for a portfolio of successful companies including YRC Freight, YRC Reimer, Holland, Reddaway, and New Penn. YRC Worldwide has one of the largest, most comprehensive less-than-truckload (LTL) networks in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial, commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
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Source:YRC Worldwide Inc.