YRC and Teamsters ink tentative deal to extend contract to March 2019

By Caroline Salls

Pittsburgh, Jan. 17 - YRC Worldwide Inc. reached a tentative agreement with officials of the International Brotherhood of Teamsters on an extension of its collective bargaining agreement to March 2019, according to a news release.

YRC said the tentative agreement contains a number of revisions to its previous proposal, which address concerns raised by the Teamsters leadership and its members.

According to the release, the previous proposal, which was voted without reaching an agreement with the union, was not ratified by the company's employees. In contrast, YRC said this memorandum of understanding extension was negotiated with the union.

"The outcome of this week's discussions is critical to the future of the company," YRC chief executive officer James Welch said in the release.

"The MOU extension is something our employees can have confidence is the best - and only remaining - path forward."

The company said 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 Jan. 21.

As announced, the previous vote put the company's much needed refinancing agreement in jeopardy. Creditors had made the financing contingent on contract approval.

YRC is an Overland Park, Kan.-based less-than-truckload carrier.

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