Teamsters ratify YRC Worldwide restructuring

Teamsters ratify YRC Worldwide restructuring    The Teamsters on Saturday said members working at three YRC Worldwide operating companies — YRC, Holland and New Penn — have ratified a restructuring plan aimed at saving more than 25,000 union jobs.
   YRC and Holland members ratified the agreement by a 62 percent to 38 percent margin, while members at New Penn ratified the agreement by a 69-31 margin. About 67 percent of YRC Worldwide Teamsters cast ballots.
   “We realize that in ratifying this restructuring plan our members will continue to make huge sacrifices,” said Tyson Johnson, director of the Teamsters National Freight Division. 'However, we firmly believe this plan is the only hope for saving our members' jobs as this recession continues to cause so much hardship.'
   YRC Worldwide said the new labor contract extends the previous agreement, slated to expire in 2013, until March 31, 2015, and that it “addresses the company’s competitiveness, re-entry into multiemployer pension funds and progress toward long-term growth.”
   This contract “positions our company for improved performance by providing a long-term market competitive cost structure as well as enhanced efficiency,” said Mike Smid, president of YRC Inc. and chief operations officer of YRC Worldwide. “Given the progress we have made over the last two quarters, this new labor agreement provides a strong foundation for long-term growth.”